Oil prices cross $61 pb mark after Saudi Arabia's King dies

08/01/05 - newratings.com

NEW YORK, August 1 (newratings.com) – Crude oil prices Monday rose above $61 a barrel in New York, following the death of Saudi Arabia's King Fahd.

King Fahd, who ruled the world's largest oil exporter for 23 years, would be succeeded by his half-brother, Abdullah bin Abdulaziz al-Saud, according to the Saudi State Television. The news fueled supply concerns on account of Abdullah’s Arab nationalist views. Refinery disruptions and data released by the US Department of Energy, showing a decline in gasoline stockpiles, had already been exerting upward pressure on the oil prices. Crude oil prices for September delivery rose as much as 66¢ or 1.1% to $61.23 a barrel on the New York Mercantile Exchange on Monday. London’s Brent crude price rose 59¢ to $59.96 a barrel on the International Petroleum Exchange.