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| Oil prices fall on Saudi comments | Oil prices fall on Saudi comments |
| (about 3 hours later) | |
| Crude oil prices fell as the dollar strengthened and Saudi Arabia said it was working to expand production. | |
| At one point US light sweet crude fell to $100.02 per barrel before recovering to $100.82, down $1.02. | |
| Commodities, including oil, have been sensitive to changes in the dollar's value and the latest rebound for the dollar has weakened oil prices. | |
| Also Saudi Arabia said on Sunday that it is investing in oil infrastructure to help meet future demand. | Also Saudi Arabia said on Sunday that it is investing in oil infrastructure to help meet future demand. |
| Saudi Arabia has been under pressure from the US to help ease soaring oil prices. | Saudi Arabia has been under pressure from the US to help ease soaring oil prices. |
| On Saturday US Vice-President Dick Cheney met Saudi leaders in Riyadh to discuss oil prices. | |
| On Sunday the Saudi, the Supreme Council of Petroleum and Mineral Affairs said in a statement: "The kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation." | |
| Analysts say that speculators, who have helped drive up the price of oil, are taking the opportunity to cash-in on their gains. | Analysts say that speculators, who have helped drive up the price of oil, are taking the opportunity to cash-in on their gains. |
| "I think there's still a lot of profit taking in the market and that is pushing down oil prices," said Tetsu Emori, a fund manager at Astmax in Tokyo. | |
| "The US dollar is also bouncing back from major currencies, so that's adding to the downward pressure." |