OPEC Says It Does Everything To Cool Prices, US Worrying

As we know, 13-year high oil prices and diminishing oil stocks in the United States raise concerns among financial markets. Prices in New York hit a peak of $40.55 a barrel. OPEC is going to hold informal talks next week ahead of its meeting in Beirut in June, but its president Purnomo Yusgiantoro, said the cartel was already pumping more than 2m barrels a day above official limits to cool world oil prices. Officials said that situation (rising fuel prices, higher cost of imported energy in US) was worsening, with exports falling and imports rising. The quarterly deficits of £10.4bn in goods and services and £13.7bn in goods alone were both records. In early trading, the Dow Jones average fell more than 130 points back through the 10,000 level to below 9,900. The Nasdaq index lost more than 2% amid disappointment over Cisco results. In the City, the FTSE 100 closed 41 points lower at 4412, losing most of Tuesdays gains.