Market determines oil prices: Saudi Arabia
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Saudi Oil Minister Ali al-Naimi said on Sunday that the rise in oil prices to a record high had been determined by market forces.
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Oil prices rose for a second day on Wednesday after blasts were heard in Saudi Arabia&#39;s capital and after the US government reported another decline in lean winter heating fuel stocks.
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Where does the volatility in oil prices come from and is it likely to persist?
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OPEC has stressed its view that high oil prices were a result of speculation and pledged to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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LONDON, United Kingdom -- Red-hot world oil prices simmered just above 50 dollars on Wednesday after a pledge by Saudi Arabia to lift output brought only fleeting respite to a market gripped by supply fears, analysts said.
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LONDON, November 29  - Saudi Arabiaâs Oil Minister, Ali Al-Naimi, reiterated today that his country is taking adequate steps to expand its sustainable oil capacity, while mentioning that supply-related fears have resulted in a $10-$15
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Oil prices rose off three-month lows yesterday, after an attack on the US consulate in Saudi Arabia and reports of an OPEC pledge to raise its minimum price target.
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NEW YORK, December 30  - Crude oil prices declined marginally today, after rising 4.5% yesterday on news of terrorist attacks in Saudi Arabia, the worldâs largest exporter of oil.
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VIENNA: OPEC is keeping its foot to the pedal on oil production in a bid to push crude prices back below $40 a barrel. Risking a counter-seasonal fourth quarter build in world crude stocks, Saudi Arabia will
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Oil prices slid to fresh six-month lows   on Wednesday on rising winter fuel stocks and waning concern   over Iran, but the world's largest exporter Saudi Arabia   signaled the market may have fallen enough.
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The oil market ignores Saudi attempts to cool prices. Merck reportedly is stepping up its search for a new CEO. Wall Street looks to ease into the week with a slight rise at the open, despite higher oil prices.
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Oil prices eased on Monday as top world  exporter Saudi Arabia slashed prices for its crude sales to the  United States and Europe in an effort to shift the large  volumes it is offering to cool world markets.
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Oil prices fell below $60 a barrel on   Wednesday for the first time in six months on swelling U.S.   winter fuel stocks, but top exporter Saudi Arabia said the   market may have fallen enough.
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VIENNA: Opec is keeping its foot to the pedal on oil production in a bid to push crude prices back below $US40 ($NZ62) a barrel. Risking a counter-seasonal fourth quarter build in stocks, Saudi Arabia will
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Oil prices ticked lower on Thursday,  holding most of the previous day's gains after two car bombs in  Saudi Arabia rekindled fears over Middle East supply security,  one of the factors behind this year's 34 percent rally.
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Oil prices ticked lower on Thursday, holding most of the previous day's gains after two car bombs in Saudi Arabia rekindled fears over Middle East supply security, one of the factors behind this year's 34 percent rally.
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Prices of crude oil on the world market will go up after the Organization of Petroleum Exporting Countries (OPEC) decided Friday to cut oil production by1 million barrels a day, said a Mexican analyst on Sunday.