(MENAFN- ProactiveInvestors)
In energy trading Brent crude rose on uncertainty over Saudi oil output following the death of King Abdullah.
However U.S. crude fell to its lowest in almost six years on speculation that his death will not signal any change in strategy for the world’s largest crude explorer.
Brent was up US$0.27 or 0.6% to trade at US$48.99 on Friday. It rose as high as US$49.80 after reports of the Saudi king's death.
West Texas Intermediate crude for March delivery fell US$0.72 cents or 1.6% to end at US$45.59 a barrel on the New York Mercantile Exchange the lowest settlement since 11th March 2009.
Futures fell 6.4% this week.
The new King Salman bin Abdulaziz Abdullah’s half-brother said he will maintain the policies of his predecessor in a speech on Saudi national television.
This indicates that Saudi Arabia will maintain OPEC's policy of keeping oil output steady to protect market share.
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