The rumors are (who are officially denied) that King Abdullah of Saudi Arabia is very ill or even that he has died. Due to these rumors, prices of oil have been pushed higher by $1 per barrel.
Later, however, prices fell as investors ignored the relevant rumors.
A source from the kingdom given said that Abdullah is alive. “The rumors are not true,” said the source who is a consultant member of the royal family. The high volatility reflects the nervousness in the marketplace because of the events in Egypt and other countries of North Africa.
“Investors are focusing on the Middle East, and these rumors underpin prices,” said an analyst. The price of crude oil boosted up to $87.07, up 50 cents, while Brent has jumped $1.06 to $102.88 (highest level of the week), to retreat later in the region of $102 ,40.