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Last Updated : 10 June 2008 at 09:20 IST

Saudi Arabia calls oil price rise 'unwarranted'

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Commodity Online
MUMBAI: Saudi Arabia said on Monday that it wants a meeting of the major oil producers and consumers to discuss high oil prices and prevent further "unwarranted" price hikes. July crude oil dropped $4.19 to $134.35 after gaining over $11 per barrel on Friday.

Part of Friday's big rise was sparked by comments from an Israeli official who said that Iran will have to be attacked at some point to stop them from developing nuclear weapons.

High temperatures are expected to dominate the northeastern U.S. today with several cities reaching near or above 100 degrees. August natural gas was down 7.9 cents at $12.684.