Oil prices tumble on Saudi move to hike crude output
Oil prices tumbled on Tuesday as dealers took seriously a Saudi pledge to raise crude output within the next few days. A surprise statement from Saudi Oil Minister Ali al-Naimilate revealed that Riyadh was planning to raise exports again just days after a second OPEC production increase this year.

Silk exporters threaten to pull out of Karnataka
Silk exporters threatened to quit Karnataka for greener pastures unless the state scrapped its Sericulture Act, which they said was causing undue harassment.

Iran expects crude prices to drop to $25
Iran, OPEC's second largest producer, said on Wednesday that the group's June 21 output hike was expected to bring prices down to a target level of $25.


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