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Oil price up despite Saudi pledge Oil price up despite Saudi pledge
(about 2 hours later)
Oil prices have risen after emergency talks among the world's top oil powers and leading consuming nations over the weekend ended with no real resolution.Oil prices have risen after emergency talks among the world's top oil powers and leading consuming nations over the weekend ended with no real resolution.
US sweet, light crude for August delivery increased by $1.89 to above $136 a barrel, while London Brent crude rose $1.29 to $136.15 a barrel.US sweet, light crude for August delivery increased by $1.89 to above $136 a barrel, while London Brent crude rose $1.29 to $136.15 a barrel.
The rises came despite Saudi Arabia's promise to increase daily output by an extra 200,000 barrels a day.The rises came despite Saudi Arabia's promise to increase daily output by an extra 200,000 barrels a day.
Record oil prices have pushed up fuel prices, hitting living costs worldwide.Record oil prices have pushed up fuel prices, hitting living costs worldwide.
Fishermen, truck drivers and consumers from Europe to Asia have been protesting against the increase in petrol and diesel costs as oil prices have jumped by about 40% since the beginning of the year.Fishermen, truck drivers and consumers from Europe to Asia have been protesting against the increase in petrol and diesel costs as oil prices have jumped by about 40% since the beginning of the year.
This prompted Saudi Arabia, the world's top exporter, to call a summit in Jeddah with top energy policy makers to discuss the situation.This prompted Saudi Arabia, the world's top exporter, to call a summit in Jeddah with top energy policy makers to discuss the situation.
Before the meeting, Saudi Arabia had pledged to lift daily quotas to 9.7 million barrels by the end of July, an increase of about 500,000 barrels since May.Before the meeting, Saudi Arabia had pledged to lift daily quotas to 9.7 million barrels by the end of July, an increase of about 500,000 barrels since May.
But without specific commitment from other members of the producers' cartel Opec to lift production, the market considered that Saudi Arabia's move would not be enough to meet soaring demand, especially from fast-growing emerging economies such as China and India.But without specific commitment from other members of the producers' cartel Opec to lift production, the market considered that Saudi Arabia's move would not be enough to meet soaring demand, especially from fast-growing emerging economies such as China and India.
Geopolitical worries
Prices were also kept high by news that Nigerian oil fields operated by Chevron and Royal Dutch Shell remained shut after they were attacked last week.
The attack on Shell's installation at Bonga, 120km (75 miles) out to sea, was the first time militants had struck at an offshore oil site, and the move cut a 10th of Nigerian oil production in one go.
The militant group the Movement for the Emancipation of the Niger Delta (Mend) has been targeting Nigeria's oil infrastructure, which supplies crude to the whole of Africa, since 2006, and this has been one factor behind the recent surge in world oil prices.
But in a sudden U-turn, the group called a unilateral ceasefire over the weekend to be effective from midnight on Tuesday until further notice.
However, oil traders were also eyeing the situation between Israel and Iran following reports that an Israeli military exercise over the eastern Mediterranean was a possible test-run for a strike on Iran.