LONDON, April 26: World oil prices dropped almost a dollar on Tuesday on reassuring comments from Opec kingpin Saudi Arabia that it might increase output should demand rise further, following high-level talks over the soaring cost of oil.
New York’s main contract, light sweet crude for delivery in June, dropped 89 cents to $53.68 per barrel in electronic deals.
In London, the price of Brent North Sea crude oil for delivery in June shed 90 cents, also to $53.50 per barrel.
US President George W. Bush held talks on Monday with Saudi Arabian Crown Prince Abdullah bin Abdul Aziz at his Crawford ranch in Texas, focusing on surging oil prices.
After the meeting the prince indicated that his kingdom could boost output further if needed.—AFP
