Saudi King’s Death Feeds Prices in Oil Markets

Local Editor

Oil prices jumped on Friday as news of the death of Saudi Arabia’s King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades.

Abdullah died early on Friday and his brother Salman became king in the world’s top oil exporter.

Brent crude futures rose to a high of $49.80 a barrel shortly after opening before easing back to $49.30 a barrel by 0650 GMT, up 78 cents. US WTI crude futures were at $47, down from a high of $47.76 earlier in the session.

Source: News Agencies, Edited by website team