Saudi Arabia Cause Prices High

Saudi Arabia raised crude oil exports to feed Asian growth in demand. Oil prices surged on Tuesday.
May crude on the New York Mercantile Exchange fell 30 cents to $37.54 a barrel after jumping 70 cents on Monday.
London Brent crude, which was closed on Monday, rose 16 cents to $33.50 a barrel. US crude is now back within 70 cents of a 13-year closing high above $38 struck last month.
In April fuel price rise ahs been 3 dollars because of concerns about rising violence in Iraq which could threaten oil supplies.
As prices surge, top OPEC producer Saudi Arabia has increased supply to Asian and European customers by more than 300,000 barrels per day compared to April.
Asia absorbs around half of Saudi Arabia?s more than five million bpd crude exports, while Europe takes about 20 per cent of the kingdom?s supplies.
Industry sources said a heavy second quarter maintenance schedule at Saudi refineries had freed up more crude for export.