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Speculators get blame as oil rises again

1 Jul 2008


Saudi Arabia's King Abdullah today repeated the country's "don't blame us" line on record oil prices, pointing the finger once again at speculators.

The Arab leader said: "People who think oil prices will go down once production is raised are wrong because there are indications they will remain high."

He added that duties on fuel in some countries were also responsible for high prices.

The price of New York crude rose 94 cents a barrel to $140.93 today as investors focused on tensions surrounding Iran's nuclear programme. London Brent crude jumped $1.10 to $140.93 a barrel.

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The Saudis have to shoulder some of the blame.

- Sohrab, mumbai india, 01/07/2008 23:10
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