Oil prices fell in Asia on Thursday as investors took profit ahead of a high-profile weekend meeting...
Oil prices fell in Asia on Thursday as investors took profit ahead of a high-profile weekend meeting in Saudi Arabia between oil producers and consumer nations.
New York's main oil futures contract, light sweet crude for July delivery, fell 61 cents to $136.07 a barrel after a jump of $2.67 to a close of $136.68 Wednesday at the New York Mercantile Exchange.
Brent North Sea crude for August delivery eased 54 cents to $135.90 per barrel after a gain of $2.72 to $136.44 Wednesday in London.
OPEC's top producer Saudi Arabia has called an unusual meeting this Sunday in Jeddah in response to the record-breaking run up in oil prices, which have roughly doubled over the past year.
Ahead of the summit, there has been mounting speculation about a fresh output hike from Saudi Arabia, the biggest producer in the Organisation of the Petroleum Exporting Countries (OPEC) cartel.
United Nations Secretary General Ban Ki-moon said Sunday that Saudi Arabia told him it would increase its oil output by 200,000 barrels per day (bpd) in July.
The desert kingdom currently produces 9.45 million bpd after announcing an increase of 300,000 bpd last month following a visit by U.S. President George W.
