Oil prices lower in Asia
Afp, Singapore
Oil prices fell in Asian trade Tuesday after Saudi Arabia, the world's top crude exporter, insisted the market was well supplied, dealers said. Prices also weakened in response to the decision by oil unions in key producer Nigeria to suspend a two-day old strike, they said. At 10:05 am (0205 GMT), New York's light sweet crude for July delivery fell 50 cents to 64.70 US dollars a barrel from 65.20 dollars in late US trade Friday. Markets in the US were closed Monday for the Memorial Day holiday. Brent North Sea crude for July was 30 cents higher at 70.01 dollars. "What brings prices up is politics, what brings them down is politics," Prince Abdul Aziz bin Salman bin Abdul Aziz told AFP, referring to tensions in major crude producers Nigeria, Iraq, Iran and Venezuela.
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