Saudi Arabia says will work to moderate oil prices

RIYADH: Saudi Arabia would like oil prices to fall and will take steps to moderate them, Saudi Oil Minister Ali Al-Naimi said on Tuesday.

"We hope the price will moderate and we will work towards moderating the price," Naimi told reporters when asked whether he would like to see oil prices fall to $100.

He said Saudi Arabia would pump as much oil as needed by its customers.

Brent crude oil was trading around $112 a barrel on Tuesday.