Home/Commodities/Newsfeed

Oil Falls After Saudi Supply Commitment

Share Print 0

Oil prices steadied on Wednesday after news that King Salman of Saudi Arabia had altered the kingdom’s line of royal succession in a reshuffle that also affected leadership of the national oil company, Saudi Aramco.

King Salman bin Abdulaziz sacked his younger half-brother as crown prince and appointed his nephew, deputy crown prince Mohammed bin Nayef, as the new heir apparent.

He also made his son, Prince Mohammed bin Salman, deputy crown prince, and appointed Saudi Aramco Chief Executive Khalid al-Falih as chairman of the state oil firm and health minister.

Saudi reshuffles often move oil prices as stability in the world’s biggest oil-exporting country is key to global supplies, but Wednesday’s announcement had little obvious impact.

Brent crude oil LCOc1 was up 15 cents at $64.74 a barrel by 1255 GMT (8.55 a.m. EDT). U.S. crude CLc1 was down 16 cents at $56.90.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top