The price of oil has surged following the death of King Abdullah of Saudi Arabia. As investors waited to see if the Saudis would maintain production levels following the King’s passing, Brent crude jumped 87 cents, or 1.79%, to $49.39 a barrel, while US oil rose by as much as 3.1% in New York after the Saudi royal court announced the death. Oil prices have more than halved since last summer.

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