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Saudi king's condition stabilizes after treatment for lung condition: State media

Saudi Arabia's King Abdullah is in stable condition after being treated for a lung infection, Reuters quoted state media as reporting on Friday.

According to the Saudi Royal Court, King Abdullah was placed on a temporary ventilator Friday night.

"Praise be to Allah for his stability and success," read the announcement which was posted on state media.

Abdullah's health has been closely watched by energy markets for any potential impacts on Saudi oil policy.

This story is developing. Please check back for further updates.

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—Reuters with CNBC.com