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Online Stock Market Trading By Alan Fein - Senior Staff Reporter

Fein (AXcess News) Crude oil prices rose Thursday on concern over Iran balk at the IAEA report to the UN Security Council, if sanctions are imposed, which could mean a cut in oil production. Crude oil for April delivery rose 45 cents to $60.47 a barrel in New York. In London, Brent crude oil settled $1.03 higher at $61.06 a barrel. Violence broke out in Nigeria once again and the UN Security Council is weighing the report from the International Atomic Energy Agency as to whether or not sanctions should be imposed on Iran over its refusal to cooperate.

Stock Investing Course Saudi Ambassador to the United States, Prince Bandar bin Sultan, released a statement promising to increase oil production to stem the inflationary effect on the U.S. economy.

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Prices Rise By VOA News U.S. oil prices rose in early New York trading after saboteurs forced Iraq to stop shipments from its largest oil export facility. Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our business poll too! Print This Page June 15, 2004 (AXcess News) U.S. oil prices rose in early New York trading after saboteurs forced Iraq to stop shipments from its largest oil export facility.

Journal Prime Rate Street Wall May 21, 2004 (AXcess News) New York - Saudi Ambassador to the United States, Prince Bandar bin Sultan, released a statement promising to increase oil production to stem the inflationary effect on the US economy."Saudi Arabia will encourage OPEC to increase its production ceiling by more than 2 million barrels per day. We have determined, after reviewing updated projections for oil supply and demand, that this increase in oil production is necessary to maintain stability in the market and growth in the world economy."Saudi Arabia has already communicated to its customers that it will produce approximately 9.0 million barrels per day starting in June 2004. However, we will continue to examine the data as it becomes available to determine the supply that would bring prices within OPEC's target price range which is $22-28 per barrel.

It is also interesting to mention Oil prices, that hit a new record, above $114 a barrel, on supply issues and rising demand in China.

Stock Market News "Saudi Arabia has been and will continue to be a strong and reliable energy partner, and we are working to bring prices down for consumers."

Stock Investing Basics OPEC members were gathering in Amsterdam for the three-day International Energy Forum that ends Monday. They plan to use the opportunity to hold an informal meeting to discuss output levels and record-high crude prices above $41 per barrel.Then they'll meet again in Beirut, Lebanon, for the cartel's regularly scheduled summit on June 3.Crude oil futures pulled back for the first time in two weeks, closing below $40.

Stock Investing Software Futures had hit a record high of $41.50 earlier this week.Advertisement

Stock Market Trading With this being an election year, OPEC members are most likely going to be careful in dealing with the higher demand for oil, not wanting to appear to be supporting Bush's reelection or the United States.

Stock Investing For Dummy Oil Minister Ali al-Naimi said Saudi Arabia has already agreed to hike its own output to 9 million barrels per day in July, and may pump even more crude "if necessary," according to AFX News. The country's current cartel quota is 7.6 million barrels a day.The average price for a gallon of regular unleaded gas rose to a fresh high - its highest level ever - at $2.023 Friday, from $2.01 Thursday, according to AAA's daily fuel gauge report.

Stock Market Crash While Saudi Arabia's offer to up production will be beneficial to the price of gasoline, those affects will be months away, too late for the summer driving season.Oil stocks gave a mixed reaction to Saudi Arabia's news at the close of trading with ChevronTexaco (NYSE: CVX) closing up $0.11 at $89.61, Exxon Mobil (NYSE: XOM) closed down $0.13 at $42.60, British Petroleum (NYSE: BP) closed up $0.12 at $51.52 and Royal Dutch Petroleum (NYSE: RD) closed down $0.01 at $48.23.

Stock Investing Tip While oil futures dropped investors seemed undaunted towards oil stocks, giving rise to a bullish outlook towards oil development and production companies.The White House remained firm in its position to hold onto strategic oil reserves following news released earlier this week in which President Bush commented that it would not be a wise move to reduce supplies, which may have buoyed oil stocks in the wake of the Saudi's news today.

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