http://money.cnn.com/2008/06/09/markets/oil/?postversion=2008060914

“Oil shed more than $4 off the price of a barrel Monday after a Saudi Minister called for international dialog on prices. Meanwhile, gasoline prices extended their rally over the $4 a gallon barrier.”
“Light, sweet crude for July delivery fell $4.19 to settle at $134.35 a barrel on the New York Mercantile Exchange.”

“Earlier Monday Iyad Madani, Saudi Arabia’s Information and Culture Minister, said the kingdom will call for a summit between oil producing countries and consumer nations to discuss rising energy prices.”
“There is no justification for the current rise in prices,” he told the Associated Press.

“Madani said the kingdom will work with OPEC to ‘guarantee the availability of oil supplies now and in the future,’ according to the AP.”

“The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna.”

“Madani’s remarks came on the heels of the largest single-day jump in oil trading history. The contract shot up $10.75 on Friday – the largest single-day jump on record – to settle at a record $138.54 a barrel.”

“The national average price for a gallon of gasoline climbed to a record $4.023 a gallon, which is more than 10% higher than $3.692 a month ago and nearly 20% higher than the $3.091 average a year ago, according to AAA figures.”