{"id":4860,"date":"2015-01-26T06:58:17","date_gmt":"2015-01-26T11:58:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4860"},"modified":"2015-01-26T06:58:17","modified_gmt":"2015-01-26T11:58:17","slug":"oil-prices-fall-on-market-relief-over-saudi-policy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4860","title":{"rendered":"Oil prices fall on market relief over Saudi policy"},"content":{"rendered":"<h3><a href=\"http:\/\/www.reuters.com\/article\/2015\/01\/26\/us-markets-oil-idUSKBN0KZ05G20150126\" target=\"_blank\">Oil prices fall on market relief over Saudi policy<\/a><\/h3>\n<p>(Reuters) &#8211; Oil prices fell on Monday, with\u00a0<a class=\"vglnk\" href=\"http:\/\/bit.ly\/1stY8M1\" rel=\"nofollow\">U.S.\u00a0crude<\/a>\u00a0falling close to a nearly six-year low, as Saudi Arabia&#8217;s new King Salman moved to assuage fears of an unstable transition and any policy change in the world&#8217;s largest oil exporter.<\/p>\n<p>Salman was quick to retain veteran Saudi oil minister Ali al-Naimi on Friday, in a message aimed at calming a jittery energy market following the death of King Abdullah last week.<\/p>\n<p>March\u00a0Brent crude\u00a0LCOc1 was trading down 63 cents at $48.16 per barrel by 1106 GMT, wiping out modest gains made on Friday but off an early low of $47.57.<\/p>\n<p>West Texas Intermediate (WTI) crude for March delivery CLc1 was at $45.10 a barrel, down 49 cents. Front-month WTI touched an intraday low of $44.35, just above the $44.20 hit on Jan. 13, which was its lowest level since April 2009.<\/p>\n<p>Saudi Arabia, the world&#8217;s top oil exporter, led the 12-member Organization of the Petroleum Exporting Countries (OPEC) last November in a decision to keep oil production steady at 30 million barrels per day. This has added to a global supply glut that has more than halved prices since June.<\/p>\n<p>&#8220;Oil markets will take comfort from the speed and stability of the succession process, and the announced pledge for continuity of policy,&#8221; said Majid Jafar, chief executive of Crescent Petroleum, a UAE-headquartered oil and gas producer focussed on the Middle East.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices fall on market relief over Saudi policy (Reuters) &#8211; Oil prices fell on Monday, with\u00a0U.S.\u00a0crude\u00a0falling close to a nearly six-year low, as Saudi Arabia&#8217;s new King Salman moved to assuage fears of an unstable transition and any policy change in the world&#8217;s largest oil exporter. Salman was quick to retain veteran Saudi oil [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[2904,589,1775,594,595,596,600,701],"class_list":["post-4860","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-energy-market","tag-oil-demand","tag-oil-price-collapse","tag-oil-prices","tag-oil-production","tag-oil-supply","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4860"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4860\/revisions"}],"predecessor-version":[{"id":4861,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4860\/revisions\/4861"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}