Oil Production Increase Also Lifts Oil Prices

New York's main oil futures contract, light sweet crude for August delivery, was 29 cents higher at USD 135.65 per barrel.

The July contract leapt USD 2.69 to close at USD 134.62 per barrel before expiring on Friday.

Brent North Sea crude for August was 22 cents higher at USD 135.08 a barrel after rising USD 2.86 to settle at USD 134.86 per barrel on Friday in London.

At an unusual weekend summit of producer and consumer nations called to discuss soaring oil prices, Saudi Arabia's King Abdullah condemned oil "speculators".

The summit in Jeddah called for greater transparency in market dealings, and for an increase in investment to ensure that the markets are adequately supplied.

Saudi output has risen to 9.7 million barrels a day, the king said, vowing to further increase production if necessary to defuse market tensions which have sent the price of a barrel of oil up to almost USD 140 -- sparking angry protests in several countries.

The monarch, who said Saudi Arabia would give USD 1.5 billion to efforts to ease energy shortages in poor nations, told the 36-nation summit his country was "very concerned" about consumers worldwide.

He blamed increased oil consumption and taxes on fuel, but added: "Among other factors behind this unjust increase in oil prices is the abhorrent act of speculators acting for their own selfish interests."

Source: By DDNEWS