Oil prices surge after Saudi King’s death
ecPulse
2015-01-23 11:27AM UTC
Oil prices rose above $47 a barrel on Friday following news of the death of Saudi Arabia`s King Abdullah bin Abdulaziz. The late King Abdullah died early on Friday and his brother Salman became king in the world`s top oil exporter, and Salman named Muqrin as heir. King Abdullah entered the National Guard Hospital in Riyadh on December 31, where they announced he had pneumonia which necessitated putting a tube to help him breathe. Many analysts do not expect Saudi oil policy to change, but prices are expected to witness a state of volatility in the short term.
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