Tuesday, May 8, 2012

Saudi Arabian Oil Minister Says Crude Oil Prices are too High

Crude oil fell for a fifth day as Saudi Arabian Oil Minister Ali al-Naimi said prices are too high and the euro weakened against the dollar after the weekend’s election results. Crude oil prices are “still a little bit high,” al-Naimi said in Tokyo today before board meetings of Saudi Arabian Oil Co., of which he is chairman.

The euro fell for a seventh day as Greek politicians struggled to form a new government and on the possibility of a policy conflict between Germany and France, which elected Socialist Francois Hollande president. “The Saudis are still coming out and saying prices are too high, and they probably will continue to ramp up production,” said Phil Streible, a Chicago based commodities broker at RJO Futures. “The euro is getting everything down.”

Crude for June delivery fell 89 cents, or 0.9 percent, to $97.05 a barrel at 9:18 a.m. on the New York Mercantile Exchange. The five day losing streak is the longest since Feb. 2. Prices have fallen 12 percent since Feb. 24, when they reached the 2012 high of $109.77.

Brent oil for June settlement dropped 98 cents, or 0.9 percent, to $112.18 a barrel on the London based ICE Futures Europe exchange.....Read the entire article.

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