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U.s. Crude Rises After Saudi King Fahd Dies

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U.S. crude rises after Saudi King Fahd dies

Mon Aug 1, 2005 8:36 AM BST

SINGAPORE (Reuters) - Oil prices rose more than 50 cents to a nearly three-week high above $61 a barrel on Monday after state television said King Fahd of Saudi Arabia, the world's biggest oil exporter, was dead.

U.S. light, sweet crude reached a new intra-day peak of $61.11 a barrel, up 54 cents on the previous close and about 35 cents higher than before news of King Fahd's death. Prices are still below their all-time high of $62.10 a barrel.

Saudi state television interrupted regular broadcasting with recitations of the Koran on Monday, which a Western diplomat said was because King Fahd was dead. State television later confirmed the death and said Prince Abdullah was named king.


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Prince Abdullah has been running the show for some time now and has been immediately named King. Succession not a problem from my undestanding (slim).

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  • 335 Brexit, House prices and Summer 2020

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