Saudi effect lowers oil prices by $4

Gasoline gained a new high above $4 a barrel on Monday but after the call for international dialogue on prices of oil from the Saudi Minister on Monday, oil prices lowered by $4 a barrel to $134.35 at the New York Mercantile Exchange.

On Monday Arabia’s Information and Culture Minister, Iyad Madani, said that a summit will be held between consumer nations and oil producing countries to keep a check on oil and energy prices.