(KiplingerForecasts, Jul 24, 2006) Crude oil prices dropped Monday after the Saudi oil minister said OPEC wanted to avoid fluctuating prices and as U.S. Secretary of State Condoleezza Rice traveled to the Mideast to try to find a diplomatic solution to the violence in Lebanon and Israel.
Light, sweet crude for September delivery was down 22 cents to US$74.21 a barrel in midafternoon Asian electronic trading on the New York Mercantile Exchange.
September Brent on London's ICE Futures exchange lost 20 cents to US$73.55 per barrel.
On Sunday, Saudi Arabian Oil Minister Ali Naimi said the Organization of Petroleum Exporting Countries wanted to avoid ';raising prices in a way that might affect the global economy,'; said.
';OPEC is concerned about the stability in the international market,'; he said after meeting his Nigerian counterpart Edmund Daukoru, who is also president of the 11-member OPEC.
http://www.zoomchina.com.cn/index.php?/content/view/9964/1/Oil prices fall in Asian trading?
As mentioned in Qur'an, oil is consider as a 'black gold'. If we think deep, inhales, shut off our eyes for a minute, can we imagine what's life without it? All nation is now fighting among themselves to conquer oil. Just look at Iraq, look how they've been now, look who attacked them, what their hidden agenda? And how America influenced oil price in market. Think how it affecting our lives.
Think Power. Think Money. Think Oil.
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