| I wonder if the story of the goose and the golden eggs translates into Arabic? |
Oil soared to a record over $58 a barrel yesterday, adding pressure on producer group OPEC to hike supplies, before profit-taking by speculators eased prices into negative territory. US crude on the New York Mercantile Exchange peaked at $58.28 a barrel — the highest front-month oil futures price on record — before ending the day down 26 cents to $57.01 a barrel. London's Brent crude slipped 28 cents to $56.23 a barrel.Prices have surged 5 percent since a forecast last week by Goldman Sachs bank that oil could eventually spike above $100 as global demand growth strains supply capacity. OPEC President Sheikh Ahmad Al-Fahd Al-Sabah said yesterday OPEC oil ministers had begun telephone consultations on possibly increasing production by a further 500,000 barrels per day to cool prices. "If there is a decision it should be in the next two weeks. For that, if there will be any new production, it should be in May," said Sheikh Ahmad, also Kuwait's energy minister.