MOSCOW, January 23 (Sputnik) — Oil prices grew following the death of King Abdullah of Saudi Arabia, world's largest oil producer, Bloomberg reported Friday.
According to the media outlet, New York saw a 3.1 percent rise in futures.
West Texas Intermediate (WTI) gained $1.45 to $47.76 a barrel in New York's Mercantile Exchange's online trading for March delivery, Bloomberg reported.
The sixth king of Saudi Arabia Abdullah bin Abdulaziz Saud died early Friday morning at the age of 90. The king had been suffering from pneumonia.
Salman bin Abdulaziz Saud was named the new king of Saudi Arabia.
Since June 2014, oil prices slumped by more than 40 percent due to oversupply in the market, and are currently at under $50 per barrel. Organization for Petroleum Exporting Countries (OPEC) kept its oil output quota at 30 million barrels per day in November, contributing to a further drop in prices.
