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Saudi Arabia Agrees to Increase Oil Output After Crude Hits Another New High
Oil soared to yet another record high on Friday after Goldman Sachs Group Inc. (GS) raised its price forecast for the second half of the year. However, during a visit with Saudi Arabia’s King Abdullah U.S. President George W. Bush was able to convince the world’s leading oil exporter to increase its output.
Light sweet crude for June delivery jumped $3.31 a barrel, or 2.7%, to reach $127.43 in electronic trading on the New York Mercantile Exchange. Oil prices have now soared 103% in the past 12 months.
The jump was largely attributable to a new prediction from investment-banking giant…
19May2008 | Money Morning | Comments Off | Continued
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