RIYADH: Oil prices jumped after the news of the death of King Abdullah, and there is no expectation to change its policy.
The Saudi king has not been taking an active part in running the country for several years, so the market knew that the king was old.
Oil rose on the news of the Saudi king’s death with March futures for Brent and WTI adding 3.1 percent and 2.6 percent, respectively. Brent crude reached $49.69 a barrel on London’s ICE Futures Exchange at 8:40 AM GMT. The price for March futures of WTI crude oil went up to $ 47.28 per barrel on NYMEX.
Following the announcement by the Saudi royal court, futures in New York and London rose by 3.1 percent and 2.6 percent, respectively.
