Oil prices fell back today as concern eased Saudi Arabia would use its oil to pressure the United States to soften its support for Israel.
On London's International Petroleum Exchange, the price of a barrel of Brent North Sea crude for June delivery was quoted at $25.76 dollars, 17 cents down from yesterday's close.
In New York, the June light-sweet crude contract closed 35 cents higher overnight at $26.73 dollars a barrel but was indicated in electronic trading to open lower.
Oil prices rallied strongly yesterday after the New York Timesnewspaper reported that Saudi Arabia's Crown Prince Abdullah bin Abdul Aziz was planning to tell US President Mr George W. Bush that the strategic relationship between their countries was at risk if he failed to moderate his support for Israel.
But Mr Bush said late yesterday that Riyadh had pledged not to use its oil exports to pressure Washington on the Middle East. Mr Bush said the Saudi Arabian prince had "made it clear that Saudi Arabia won't use oil as a weapon".
AFP