Let's Rally come Monday, go Saudi Arabia

Finally some good news, Saudi Arabia is ready to pump more than 9.7 million barrels per day (bpd) of oil for the rest of this year if there is demand, and could add an extra 2.5 million bpd of capacity above a current plan to reach 12.5 million bpd by the end of next year, Oil Minister Ali al-Naimi said at an emergency meeting of oil producing/consuming nations in Jeddah on Sunday.

PERTH (Reuters) - U.S. crude futures fell over a dollar to near $134 a barrel on Monday after Saudi Arabia said at an emergency meeting over the weekend it was ready to increase oil output capacity by another 2.5 million barrels per day if there was demand.

* NYMEX crude for August delivery CLc1 fell was down 55 cents at $134.81 a barrel by 2238 GMT, after falling as much as $1.05 to $134.31.

Here's the latest from Reuters:

http://www.reuters.com/article/hotStocksNews/idUSSYD3377920080622

How do the Masters feel about Oil?  Other stories we've written in the past few weeks on the subject:

If Oil falls, then Gold will rise

DIG DUG: Oil Game Over

The World is Protesting High Oil Prices, thus DUG

Oil will go down, Saudi's say so