Crude oil
futures rose on Friday, pulling away from nearly six-year lows as news
of Saudia Arabia King Abdullah's death lent support to the commodity,
although sustained concerns over a supply glut continued to weigh.
On the New York Mercantile Exchange, U.S. crude oil for delivery in March traded $0.12 or 0.25% higher to $44.43 a barrel during European early afternoon trade.
Prices plummeted $1.47 or 3.08% on Thursday to settle at $46.31.
Futures were likely to find support at $44.78, the low from January 13 and a nearly six-year low and resistance at $49.09, Thursday's high.
Oil prices rallied following reports of the death of Saudi Arabia's King Abdullah amid growing speculation over a possible shift in the kingdom’s policy of allowing crude prices to fall.
The 90-year-old monarch, who was admitted to hospital in December with pneumonia, will be succeeded by his half-brother, Crown Prince Salman.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, U.S. crude oil for delivery in March traded $0.12 or 0.25% higher to $44.43 a barrel during European early afternoon trade.
Prices plummeted $1.47 or 3.08% on Thursday to settle at $46.31.
Futures were likely to find support at $44.78, the low from January 13 and a nearly six-year low and resistance at $49.09, Thursday's high.
Oil prices rallied following reports of the death of Saudi Arabia's King Abdullah amid growing speculation over a possible shift in the kingdom’s policy of allowing crude prices to fall.
The 90-year-old monarch, who was admitted to hospital in December with pneumonia, will be succeeded by his half-brother, Crown Prince Salman.
Read more Click here / www.trade4x.net
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