Energy security/
Increase uncertainty and increase
volatility in oil prices
Oil prices jumped after the news of the death of King Abdullah, the
leader of OPEC’s top producer, Saudi Arabia, added to the uncertainty on the
global energy market.
Following the announcement by the Saudi royal court, futures in New York
and London rose by 3.1 percent and 2.6 percent, respectively.
In early Asian trading, US benchmark WTI crude futures increased by over
2 percent, reaching $47.76 per barrel. At the time of publication, oil futures
for March were edging closer to $50 per barrel – at $49.3 per barrel.
King Abdullah died early on Friday. His brother Crown Prince Salman, 79,
will replace him on the Saudi throne.
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