U.S. crude futures jumped around $1 on Friday after Saudi Arabia announced that King Abdullah had died and his successor, Salman, moved quickly to name his own heir to rule the world’s biggest oil exporter.
U.S. crude for March delivery was up $1.05, or 2.2 percent, at $47.36 a barrel by 0016 GMT. The contract rose as high as $47.76 in earlier trade. Trading of London Brent crude for March delivery had not started, after declining 51 cents to finish at $48.52 on Thursday.
Saudi Arabia’s King Abdullah died early on Friday and his brother Salman became king, the royal court in the world’s top oil exporter and birthplace of Islam said in a statement carried by state television.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.