US oil futures surge after Saudi King's death

SINGAPORE (AFP) - US oil futures surged Friday (Jan 23) following the death of Saudi Arabia's King Abdullah.

US benchmark West Texas Intermediate (WTI) for March delivery soared as much as 3.1 per cent in New York after the Saudi royal court announced the death.

In early morning Asian trade, WTI was up US$1.03, or 2.22 per cent at US$47.34 a barrel. Brent crude for March was unchanged at $49.00 a barrel.