News that Saudi King Abdullah bin Abdulaziz Al Saud died away sent oil prices sharply higher on Friday, but analysts dismissed the move as a knee-jerk reaction, noting the recent trend remains intact. Michael Levi, senior fellow for energy and the environment at the Council on Foreign Relations, said It's not an extraordinary move in oil prices, given the recent volatility and turmoil in the oil markets, Oil prices have dropped 60 percent over the past six months. Saudi Arabia led OPEC's decision to maintain its production levels on November, triggering a further collapse in oil prices. Oil prices have plunged more than 50 percent since mid-2014, http://nbcnews.to/1AZivUE http://bit.ly/1fJ5yqZ
What Saudi Succession Means for Oil Prices
News that Saudi King Abdullah bin Abdulaziz Al Saud died away sent oil prices sharply higher on Friday, but analysts dismissed the move as a knee-jerk reaction, noting the recent trend remains intact. Michael Levi, senior fellow for energy and the environment at the Council on Foreign Relations, said It's not an extraordinary move in oil prices, given the recent volatility and turmoil in the oil markets, Oil prices have dropped 60 percent over the past six months. Saudi Arabia led OPEC's decision to maintain its production levels on November, triggering a further collapse in oil prices. Oil prices have plunged more than 50 percent since mid-2014, http://nbcnews.to/1AZivUE http://bit.ly/1fJ5yqZ
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