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"Black gold" cheaper

June 17 2008

Oil prices on world markets, rising on Monday during the day to nearly 140 dollars per barrel, slightly declined amid reports of possible increases in oil production in Saudi Arabia, reports the Associated Press.

On the New York Stock Exchange NYMEX (New York Merchantile Exchange) cost of July futures for U.S. light crude oil Light Sweet Crude Oil has fallen to 0,25 dollars - to 134, 61 dollars per barrel.

Futures price for North Sea petroleum mix of mark Brent Crude Oil at London exchange ISE (InterContinental Exchange Futures) following trades fell by 0.40 dollar - up to 134.71 dollars per barrel.

Saudi Arabia, OPEC could raise production to a record volume of ten million barrels per day, which can continue to help reduce oil prices on world markets, according to RIA News .

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