Saudi Arabia's King Fahd died early Monday at the age of 84 after a prolonged hospitalization.
Oil brokers worry about the supply disruption, but others said the nation's oil policy was not expected to change.
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Crude Jumped To $62 After Saudi King Death
Crude oil futures jumped on Monday to a new high above $62 a barrel on the news about the death...
Crude oil futures jumped on Monday to a new high above $62 a barrel on the news about the death of Saudi Arabia's king, which rekindled brokers? concerns about the change of oil policy of the kingdom.
Light, sweet crude oil futures for September delivery rose 1 dollar to end at $61.30 a barrel, on the New York Mercantile Exchange. Intraday prices touched as high as $62.30 per barrel, the highest level since the contract was introduced in 1983.
In London the September Brent contract soared $1.61 to $60.98 on the IPE.
Saudi Arabia's King Fahd died early Monday at the age of 84 after a prolonged hospitalization.
Oil brokers worry about the supply disruption, but others said the nation's oil policy was not expected to change.
Saudi Arabia's King Fahd died early Monday at the age of 84 after a prolonged hospitalization.
Oil brokers worry about the supply disruption, but others said the nation's oil policy was not expected to change.
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