SINGAPORE (Reuters) - 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.
Salman named his half-brother Muqrin as heir, moving to forestall any succession crisis at a moment when Saudi Arabia faces unprecedented turmoil on its borders and in oil markets.
Brent crude futures rose to $49.70 a barrel by 0808 GMT, up $1.18 a barrel. U.S. WTI crude futures were at $47.31, up one dollar.
"This little spike in prices is understandable. But this is a selling opportunity in our view. It should be sold off quickly and it won't last long at all," said Mark Keenan of French Bank Societe Generale.
After seeing strong volatility and price falls earlier in January, oil markets have moved little this week, with Brent prices range-bound between $47.78 and $50.45 a barrel.
Read more Click here / www.trade4x.net
Abdullah died early on Friday and his brother Salman became king in the world's top oil exporter.
Salman named his half-brother Muqrin as heir, moving to forestall any succession crisis at a moment when Saudi Arabia faces unprecedented turmoil on its borders and in oil markets.
Brent crude futures rose to $49.70 a barrel by 0808 GMT, up $1.18 a barrel. U.S. WTI crude futures were at $47.31, up one dollar.
"This little spike in prices is understandable. But this is a selling opportunity in our view. It should be sold off quickly and it won't last long at all," said Mark Keenan of French Bank Societe Generale.
After seeing strong volatility and price falls earlier in January, oil markets have moved little this week, with Brent prices range-bound between $47.78 and $50.45 a barrel.
Read more Click here / www.trade4x.net
No comments:
Post a Comment