Oil prices fall on calming comments from Saudi Arabia<\/p>\n
Agence France-Presse
\nLondon<\/p>\n
World oil prices fell on Tuesday following comments from OPEC
\nking in Saudi Arabia that it could increase output in the face of
\nhigher global demand, dealers said.<\/p>\n
New York's main contract, light sweet crude for delivery in
\nJune, dropped 47 U.S.cents to US$54.10 per barrel in electronic
\ndeals.<\/p>\n
In London, the price of Brent North Sea crude oil for delivery
\nin June shed 25 U.S.cents, also to $54.10 per barrel.<\/p>\n
After meeting U.S. President George W. Bush in Texas on
\nMonday, Saudi Crown Prince Abdullah bin Abdul Aziz indicated the
\nkingdom -- the biggest oil producer in the world -- could boost
\noutput further if needed.<\/p>\n
\"Saudi Arabia has some spare capacity that it can produce,
\nshould we be asked to produce that spare capacity by our
\ncustomers,\" said Adel al-Jubeir, a senior foreign policy adviser
\nto the prince.<\/p>\n
Analysts said Jubeir's comments eased supply concerns after
\nSaudi Arabian oil minister Ali al-Nuaimi said last on Thursday
\nthat his country was \"not responsible for the price of oil in the
\nmarket\".<\/p>\n
\"Comments from Saudi Arabia indicating that they have plenty
\nof spare capacity and are meeting customer demands at the moment
\nhas had an effect on oil prices over the last day or so,\" said
\nDaniel Hynes, a commodity analyst with the ANZ Bank analyst in
\nMelbourne, Australia.<\/p>",
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