Oil prices mixed after Saudi king’s death

Oil prices traded narrowly mixed Friday after the death of the king of Saudi Arabia, OPEC’s largest oil producer, and on concerns about unrest in Yemen.



The US benchmark futures contract, West Texas Intermediate for delivery in March, fell 72 cents to $45.59 a barrel, a new, nearly six-year low.



In London, Brent North Sea crude for March settled at $48.79 a barrel, up 27 cents from Thursday’s closing level.



Saudi Arabia’s powerful King Abdullah, aged about 90, died early Friday and the royal family moved swiftly to show continuity in the country’s power structure and policies.



Crude oil has lost about 60 percent of its value since June.



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Posted in: Indian Market Tips