World Oil Investors Watching US-Saudi Meeting

by VOA News

April 25, 2005 New York - World oil prices rose Monday as investors waited for results from a meeting between President Bush and Saudi Crown Prince Abdullah in Texas about oil supplies, prices and other issues.

Saudi Arabia is the world's largest crude oil supplier and the only member of the Organization of Petroleum Exporting Countries that could significantly increase oil output soon.

The benchmark price of crude oil rose as high as 26 cents, to $55.65 a barrel on the New York Mercantile Exchange.

Analysts blame recent price hikes on a series of refinery breakdowns that make it more difficult to turn crude oil into gasoline to meet expected demand.

Crude oil prices hit a record high of $58.28 in early April, then declined for a while before the recent rebound.

Source: Voice of America

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