Crude at $145.33/bbl

Crude prices continued above USD145 per barrel. Traders rushed to buy ahead of the long holiday weekend in US to mark its independence day.

In after hours access trading, crude is at USD145.33 per barrel.

Abdullah Hussein Salatt, Senior Advisor to Energy and Industry Minister, Qatar said, “It is really unusual, and it is not because OPEC (Organization of the Petroleum Exporting Countries) and other oil producers aren't doing enough. We believe oil production is more than enough to meet the demand. We know some factors that are resulting in high oil prices: speculation and trading. Sometimes geo-political situations may affect oil prices, but today, i am not aware of any such geo-political problems. So it's not understood by us. We're doing our best. We believe supply is more than demand at present. And we see no reason for this level of price.”