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23 Jan 2015
Crude gives up its gains on the new Saudi King’s speech – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team mentions that WTI erased all of its gains after the new Saudi King spoke in favour of maintaining the policies of the predecessor.
Key Quotes
"IEA Chief Economist Birol stated that he did not expect Saudi oil policy to change following death of king and oil price change related to the news was 'temporary'"
“Crude Oil initially spiked up almost 3% to near $47.80 after confirmed death of Saudi Arabia's King Adbullah despite the well-articulated succession plan. WTI gave back all of its gains after new Saudi King Salman stated that he would maintain the policies of predecessor”
Key Quotes
"IEA Chief Economist Birol stated that he did not expect Saudi oil policy to change following death of king and oil price change related to the news was 'temporary'"
“Crude Oil initially spiked up almost 3% to near $47.80 after confirmed death of Saudi Arabia's King Adbullah despite the well-articulated succession plan. WTI gave back all of its gains after new Saudi King Salman stated that he would maintain the policies of predecessor”