Crude prices jumped $1 a barrel Monday after the death of Saudi Arabia’s King Fahd raised concerns about the kingdom’s long-term political stability and whether its oil policy would change.
Light sweet crude for September delivery briefly rose as high as $62.30 a barrel on the New York Mercantile Exchange, then retreated to settle at $61.57, a rise of $1. The previous closing high on Nymex was $61.28, set July 6, while the previous intraday high was $62.10. September Brent futures at London’s International Petroleum Exchange were up 93 cents at $60.30 a barrel.
