Global oil summit fail to lower oil price

The price of oil reached $136.35 and in London the prices was $136.21.The summit at Jeddah of oil producers and consumer countries failed to reach an agreement though the prime minister of Britain ,Gordon Brown had a clash with the Opec head over the stand of NATO forces in Israel and Iran.

Saudi Arabia has announced two big increases in production of oil that is one of the highest in the last 30 years. Saudi Arabia is highest producer of oil. Nigerian oil field attacks by militants are not affecting the market because of drop in production of oil in Nigeria.