Oil Rises Despite Saudi Output Pledge

By: Associated Press Email
By: Associated Press Email

Singapore (AP) Saudi Arabia's pledge to boost oil production if needed hasn't brought any relief to the oil markets. Crude prices have passed $136 a barrel in today's trading.

Saudi Arabia sad yesterday it will put out more oil this year if the market needs it. The Saudis announced a 300,000 barrel per day production hike last month. Before the start of yesterday's oil summit it said it would add another 200,000 barrels per day next month.

Analysts say the announcement had already been factored into prices. One strategist calls the weekend meeting “mildly positive” but nothing that would cause a correction in prices.

Investors are still skittish about the situation in Nigeria, where rebel attacks and threats have caused a decrease in oil production. Prices may see some relief from an announcement by the main rebel group that its attacks will stop tomorrow.

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