Saudi Action Sends Oil to $15
From Reuters
NEW YORK —
Oil rose by over a dollar today to around $15 a barrel in a nervous U.S. market strongly influenced by a Saudi Arabian call for higher prices after the surprise dismissal Wednesday of Sheik Ahmed Zaki Yamani as the nation’s oil minister.
Yamani was replaced by Hisam Nazer, the Saudi planning minister, and news that Nazer had requested an urgent meeting of OPEC’s price committee to start work on fixing prices at higher levels--at least $18 a barrel--was the signal to boost oil on the free market, traders said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
