Oil prices swing sharply as Saudis cut ties with Iran - FT.com

Oil prices swing sharply as Saudis cut ties with Iran - FT.com:

"Oil prices swung violently on the first trading day of 2016 as traders weighed weak economic data from China and worsening relations between Saudi Arabia and Iran, the biggest rivals in the Opec cartel.
Brent, the global benchmark, gained as much as 3 per cent to $38.50 a barrel after Riyadh cut diplomatic ties with Iran in response to protests in Tehran targeting the Saudi embassy over the execution of a prominent Shia cleric.
But the initial gains faded as Chinese shares plunged in response to news that China’s manufacturing sector shrank for a fifth consecutive month in December."



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