THE DAILY TELEGRAPH: The Saudi Arabian energy minister pushed up oil futures by $2 per barrel, after implying the powerful nation will not do anything to stop prices rising to $90.
The comments will drive further fears of inflation, as transportation costs of consumer goods tends to rise with the oil price.
Brent crude rose $2.06 to $85.21, as any signs about Saudi Arabia's plans for output can have a huge impact on the volatile oil market.
Ali al-Naimi, the oil minister, told a conference in Singapore: "Consumers are looking for oil prices around $70, but hopefully less than $90. There's almost an anchor now for the price."
Analysts quickly pointed out that this $70-$90 range is higher than the previous $70-$80 window cited by the Gulf nation as comfortable. Read on and comment >>> Rowena Mason | Monday, November 01, 2010
