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Oil Prices Rise After Saudi Meeting

JIDDA, Saudi Arabia — A hastily convened global energy summit meeting led by Saudi Arabia ended largely in disagreement on Sunday, with only a modest pledge of increased production by the Saudis and no resolution on what other practical steps should be taken to ease the crisis over soaring oil prices, according to The New York Times.

On Monday, the global oil market shrugged off the news, pushing up prices and oil was up $1.59, to $136.95 a barrel in New York.

Posted by Peter C. T. Elsworth  at 4:44 PM to Crude oil market | Permalink

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