Commodity Daily News

Price of Oil Dips as Saudi Arabia's Aramco Expresses Concern

The price for a barrel of Crude Oil took a dip yesterday after the CEO of Aramco, Khalid al-Falih, stated his concern for the impact high oil prices would have on the global economy. His remarks came during an industry gathering in South Korea and the impact of such a sentiment rippled across the oil market rapidly with prices slipping below $112 a barrel on Tuesday morning.

Soaring oil price gains have been remarked upon by the Organization of Petroleum Exporting Countries (OPEC), US President Barack Obama and now by a leading oil producer and exporter Aramco, all of whom have stated that the current price is an aberration from current levels of supply and demand and may carry detrimental effects onto the world's economic recovery. Whether such warnings will come soon enough to push prices back down is yet to be seen, but these latest remarks appear to have made an impact, no matter how small it may have been.