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Kingdom of Saudi Arabia has raised concern over escalation of oil prices and vow to that take steps to keep them in check, it oil minister noted in a statement which some in the oil market read as a signal to consumer nations that there is no urgent need to release emergency oil reserves.
"The country is concerned with the rising oil prices in the international oil market. The current high price of oil is simply not supported by market fundamentals", said the oil Minister, Saudi Arabia will always take all necessary steps to ensure the market is well supplied and to help moderate prices.
US administration officials met energy analyst last week in a bid which some read as a sign that obama wants to tap into US government oil supplies to bring down gas prices in the run up to the US presidential elections come November.
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