Oil prices edged back slightly from a three-week high on hints the world's largest oil producer is poised to boost output.
Saudi Arabia is taking steps to cool the rapidly rising Brent crude price, which has rocketed from around $100 per barrel in October last year to around $125 today, the Financial Times reports. The steps include boosting exports to the US and reopening old oilfields to expand production. The Saudi cabinet pledged the region will work individually and with others towards the objective of stemming the oil price to "fair levels", which it considers to be around the $100 mark. Today the price of Brent Crude had retreated slightly from its three-week high of $128 and stood at $124.68 per b...
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