Arab Today, arab today oil slides on saudi pledge and china fuel price rise
Last Updated : GMT 20:59:29
Arab Today, arab today
Arab Today, arab today

Oil slides on Saudi pledge and China fuel price rise

Arab Today, arab today

Arab Today, arab today Oil slides on Saudi pledge and China fuel price rise

Saudi Arabia - Arabstoday

Saudi Arabia said yesterday it will work \"individually\" and with the other petrol-rich Gulf states to return prices to \"fair\" levels. The country indicated earlier this year that $100 a barrel was the ideal oil price. The price of oil slid this morning in London as a result, with Brent crude trading down as much as 1pc at $124.40. Oil prices have climbed to $127 a barrel this year, just $20 short of their all-time high, as tighter Western sanctions on Iran threaten to choke off the country\'s exports. Prices also took a hit this morning after China increased retail fuel prices for the second time in two months, increasing concern that demand in the country - the world\'s second-largest oil consumer after the US - will decline.

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