Oil prices shrug off Khashoggi crisis, nevertheless pressure on Saudis growing

By Monday, Riyadh had acknowledged Saudi agents killed Khashoggi in Istanbul, Turkey, along with the nation’s energy minister was reaffirming the country’s commitment to keep the global oil market supplied. Minister Khalid al Falih said the Saudis had no intention of implementing an oil embargo.

Oil prices were little changed on Monday, following a 3 percent decline for U.S. crude along using a nearly 1 percent drop for international benchmark Brent crude last week. Analysts tell CNBC the market remains unconvinced of which the Saudis might take the extraordinary measure of using oil as a tool of political retribution.

The Saudis have done a complete 180 since their initial, confrontational statement last week, said John Kilduff, founding partner at energy hedge fund Again Capital. In order for oil prices to react to the scandal, “the Saudis are going to have to get their backs up like they initially did of which first weekend,” Kilduff said.

The Saudis say Khashoggi died in a fight of which broke out after agents confronted him inside the Saudi consulate in Istanbul. Foreign Minister Adel al-Jubeir told Fox News the operatives overstepped their bounds by killing Khashoggi along with then covered up the murder.

nevertheless on Monday, a spokesman for Turkish President Recep Tayyip Erdogan’s political party said the incident was “monstrously planned,” ahead of the leader’s speech on Tuesday. On Sunday, Erdogan said he might explain Khashoggi’s killing.

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