Saudi action call boosts oil prices

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OIL PRICES - which on Monday sank below $10 barrel for the first time since 1986 - edged upwards again yesterday after Saudi Arabia called for action to prop up the market. In London, the benchmark Brent crude price rose by more than 50 cents a barrel after Prince Abdullah of Saudi Arabia told Gulf leaders that they should not hesitate to take measures to shore up the oil price.

Separately, the International Energy Agency revealed in its monthly oil report that growth in world oil demand appeared to have stalled in September and October.