Oil moves higher as Saudi king's death prompts uncertainty

The price of Brent crude oil has moved back above $49 a barrel following the death of Saudi Arabia's ruler King Abdullah overnight.

The world's largest oil exporter announced Abdullah's death overnight, with his brother Salman, 79, becoming king in accordance with the country's stated succession plan. But with the price of a barrel of Brent crude oil having fallen below $46 in recent weeks as Saudi Arabia attempts to squeeze more price-sensitive distributors, particularly in the US, the change in leadership prompted a small rebound. Brent rose to $49.80 in early trading before dropping back to $49.30, up from $48.50 late yesterday. The new king is expected to continue Saudi's policy of maintaining current outpu...