Oil To Rise After Fridays Slump – The Saudi King Is Dead
The new king of Saudi faces not just plummeting crude prices—Saudi Arabia is the world’s largest oil exporter—but the potential for war in Yemen, its southern neighbor. The U.S.-aligned government in that country collapsed on Thursday as Shiite rebels from the north occupied much of the capital city, Sanaa.
The development increases the sense of anxiety and tension in the region and highlights the geopolitical risk there, Yergin said on “Squawk Box.”
Trading has paused for the weekend after making a substantial price drop to $45.29 dollars a barrel. Prices are expected to rise to around $47.5 per barrel on Monday an as much as $48 per barrel on Tuesday 27th January 2015.
The rise is due to fears of un-stability in the region with the transition to a new king.
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