Oil slumps in New York, perks in Asia

SINGAPORE, June 11, 2008 (AFP) – Oil prices rose again in Asia on Wednesday as the world’s biggest oil producers and consumers prepared to meet to discuss record crude prices which have sparked fears for the global economy. New York’s main oil futures contract, light sweet crude for July delivery, was 61 cents higher at 131.92 dollars per barrel after slumping 3.04 dollars to close at 131.31 at the New York Mercantile Exchange on Tuesday.

The contract rocketed to a record 139.12 dollars on Friday, soaring by 10.75 dollars, the largest single-day increase in history.

Brent North Sea crude for July delivery rose 68 cents to 131.70 dollars a barrel after a fall of 2.89 dollars to 131.02 in London on Tuesday.

The Brent contract struck a historic peak of 138.12 on Friday.

Saudi Arabia’s cabinet on Monday asked Oil Minister Ali al-Nuaimi to convene the meeting of producer and consumer nations and oil firms “to discuss the jump in prices, its causes and how to deal with it objectively”.

The meeting will take place on June 22 in the Saudi city of Jeddah, Abdalla El-Badri, secretary general of the Organisation of the Petroleum Exporting Countries (OPEC), told AFP.

The United States, the world’s biggest