The cost of oil moved slightly higher today, with the price tremors linked to the Saudi Arabian king’s death last night according to the daily market report.
Royal officials announced the 90-year-old Saudi King Abdullah bin Abdulaziz died last night. Saudi Arabia is one of the world’s largest oil producers and as a key member of the oil group OPEC is seen as having a role in the current low prices.
Ben Spry, Optimisation Desk Manager at npower said: “Brent oil prices [are] nudging a little bit higher, around about $49.50 a barrel today and that’s on the sad news of the Saudi Arabian king passing away last night.”
He added: “That just creates a little bit of uncertainty as to Saudi oil policy going forward [but there were] no major movements, just a little tick higher.”
Gas and power prices opened slightly higher than last night’s close due to the temperatures forecast to be slightly cooler, said the analyst.
Pipeline flows from the Netherlands and Norway remain relatively stable, according to Mr Spry, as they have done for most of the week.