Oil prices rise after King Abdullah's death

January 23, 2015 12:58 AM

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Oil prices rose on the news of the death of Saudi Arabia's King Abdullah Thursday, but the king's death is not expected to change the course of oil prices over the next several months.

The price of U.S. crude was up 88 cents, or 1.9 percent, to $47.19 a barrel in after-hours trading. Brent crude, an international benchmark, was up 2.1 percent to $49.58 a barrel.

Also read: Oil Jumps After OPEC Agrees to First Production Cut Since 2008

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