Oil futures rose again Monday on world markets, apparently a sign of disappointment that Saudi Arabia is increasing production by only a modest amount. On the New York Mercantile Exchange, a barrel of light sweet crude for August delivery was up $1.20 to $136.56 at midday. It was trading at $135.67 in London. The Saudis announced at a meeting of producing and consuming nations Sunday that they would pump up to 500,000 barrels a day more in two stages, if market conditions warranted. One industry analyst called the meeting "a nonevent."
The militant group whose campaign of sabotage has cut deeply into Nigeria's crude oil output announced a unilateral cease-fire Sunday night. But the Movement for the Emancipation of the Niger Delta (MEND) stopped short of saying it would participate in peace negotiations with the government. It said the truce would take effect at midnight Tuesday and would be open-ended. MEND will take part in a "peace summit" called by President Umaru Yar'Adua only if its imprisoned leader is permitted to attend, it said.