Oil sheds 7% of value on the week to end at five-year low

SAN FRANCISCO (MarketWatch) New York-traded oil ended Friday at its lowest level since March 2009, amassing losses of more than 7% on the week.

Crude-oil futures were mixed, with London-traded Brent settling higher. Investors parsed news of the death of Saudi Arabias King Abdullah and marginal improvement in Chinas manufacturing data.

Light, sweet crude futures for March delivery CLH5, -2.20% retreated 72 cents, or 1.6%, to settle at $45.59 a barrel on the New York Mercantile Exchange. That was the lowest finish since March 11, 2009.

Prices had traded as high as $47.76 a barrel earlier. On the week, New York-traded oil lost 7.2%, down for 15 of the past 17 weeks.

Brent crude for March delivery on Londons ICE Futures exchange LCOH5, +0.06% rose 27 cents, or 0.6%, to $48.79 a barrel. Brent traded as high as $49.80 a barrel. On the week, the commodity declined 2.8%.

The change of guard in Saudi Arabia, the worlds No. 1 oil exporter, is unlikely to change kingdoms stance in oil markets. The new king has kept oil minister Ali Al-Naimi in power, and Saudi Arabia will continue to pursue the strategy of defending its own market share rather than help support oil prices, said Matt Smith, an analyst with Schneider Electric.

Saudi Arabias King Abdullah bin Abdulaziz al Saud died at the age of around 90, according to a royal court statement early Friday morning. The statement also said that Abdullahs half-brother, Crown Prince Salman, who is 79 years old, was declared king and Prince Muqrin, 69, became crown prince.

See: Death of king unlikely to alter Saudi oil policy

Earlier Friday, Prince Alwaleed bin Talal, a Saudi businessman and a nephew of King Abdullah, said on CNBC the world would never again see oil at $100 a barrel, reiterating remarks he had made earlier this month.

The price of oil will remain under pressure for the foreseeable future, he said.

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Oil sheds 7% of value on the week to end at five-year low