Crude oil prices have drifted higher on the global markets for the sixth straight trading session and have settled near US$52 per barrel. Trading was resumed on Tuesday after a long holiday weekend in Britain and the United States. Light, sweet crude for July delivery rose to US$51.97 a barrel on the New York Mercantile Exchange. In London, Brent crude for July delivery fell to US$50.18 a barrel on the International Petroleum Exchange.
The market is likely to come a bit lower, as right now there is no shortage of crude oil, as OPEC is estimated to have pumped out 30.2 million barrels in May. Saudi Arabia is currently pumping out 9.5 million bpd of crude oil equivalent to more than 30% of the total daily output of OPEC.
01-Jun-05 
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