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Oil Prices Rise After Death of Saudi King

A tank battery, used to temporarily store crude oil pumped from the ground, sits near an oil well in a farmer's field on January 21, 2015 near Ridgway, Illinois. With oil prices near a 5 1/2-year low, oil companies are beginning to slow drilling operations in the United States. (Scott Olson/Getty Images)

Story by the Associated Press; curated by Oliver Darcy.

NEW YORK (AP) — Oil prices rose on the news of the death of Saudi Arabia's King Abdullah Thursday, but the king's death is not expected to change the course of oil prices over the next several months.

The price of U.S. crude was up $1.07, or 2.3 percent, to $47.38 a barrel in after-hours trading. Brent crude, an international benchmark, was up 1 percent to $49 a barrel.

Oil prices have plummeted nearly 60 percent since June as global supplies have soared. Saudi Arabia has so far declined to call for a cut in production by OPEC members that could reverse the price decline.

Analysts expect Saudi oil minister Ali Al-Naimi to remain in his position for at least the next several months and for Saudi Arabia's export policy to remain the same.

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