Oil Price Up Following Death of Saudi Arabian King

Mining Weekly reported that the oil price rose on Friday after the death of Saudi Arabia’s king. His death created uncertainty amongst investors despite the fact that the new ruler has said there will be no change in policy.

As quoted in the market news:

Brent crude rose to a high of $49.80/bbl, up $1.28/bbl, before easing to around $49.20/bbl by 15:15 GMT. US light crude oil rose to $46.41/bbl, up $0.10.

King Abdullah bin Abdulaziz died early on Friday and his brother Salmanbecame king of the world’s top oil exporter.

Salman named his half-brother Muqrin as heir and nephew Mohammed bin Nayef, 55, as Deputy Crown Prince, moving to forestall any succession crisis at a moment when Saudi Arabia faces unprecedented turmoil on its borders.

Saudi state television said King Salman intended to keep oil minister Ali al-Naimi in place, suggesting the country’s oil policy would remain unchanged.

Click here to read the full Mining Weekly report.