Saudis Announce Efforts to Calm Oil Markets

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A little price relief may be on the way to your local gas pump.

Saudia Arabia said late Monday it wants to keep oil prices around $100 a barrel to help the global economic recovery.

Oil prices have been as high as $110 a barrel in the last few weeks.

"The Saudis are very concerned about the oil market and are trying to find strategies to bring prices down," a European-based senior oil trader told CNN.

The Saudis are expected to start shipping more oil to the U.S. and other countries to make up for the Iranian oil embargo.

"The market is currently well-supplied with oil, but supply disruptions and looming supply shortage from Iran is keeping uncertainty high," Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna, told Businessweek.

"Without an intensifying Iran conflict, further price gains aren't justified," he added.

Many economists have said rising energy prices could further hurt the global economy.

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