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- Oil prices climb after comments by Saudi Arabian oil minister Ali Al-Naimi
Oil prices climb after comments by Saudi Arabian oil minister Ali Al-Naimi
Oil prices rose after comments by Saudi Arabian oil minister Ali Al-Naimi. He said that "it's up to Allah" to set the price of oil. Al-Naimi added that he is not worried about Iran crude oil.
He also noted that speculators influence only oil prices in short term.
Saudi Aramco said on Tuesday that it would raise its official selling prices for exports to Europe and North America, while prices for Asia will remain unchanged.
Protests in Libya also support oil prices. Protests have stopped crude oil flows to an eastern Libyan port Zueitina. The port Zueitina has capacity to export up to 70,000 barrels a day.
WTI crude oil for June delivery rose to $60.69 a barrel on the New York Mercantile Exchange. Brent crude oil for June climbed to $68.05 a barrel on ICE Futures Europe.
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