Oil Prices Rise After Death Of Saudi Monarch, King Abdullah

The price of oil rose following the announcement of the death of Saudi monarch, King Abdullah, ruler of the biggest producer in the Organization of Petroleum Exporting Countries.

The monarch passed on after being in hospital receiving treatment for pneumonia. He will be succeeded by Crown Prince Salman bin Abdulaziz, Abdullah’s half-brother.

Oil futures rallied as much as 3.1 per cent in New York and 2.6 per cent in London after the Saudi royal court announced the death in a statement.

With the increase, a slight boost is expected in Nigeria’s oil economy.

Abdullah used oil wealth to spur economic growth and address unemployment of as much as 12 per cent. He improved women’s rights while doing little to advance political freedoms.

The monarch poured $130 billion into the economy to head off the revolts that shook the Arab world from 2011, while curbing press freedoms and passing a terrorism law to crackdown on dissent.

BizWatchNigeria

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