Financial markets have fuelled oil price rally-Saudi

SEOUL, May 15 - The rise in global oil prices in recent years has more to do with financial market volatility than fundamentals, Saudi Oil Minister Ali al-Naimi said on Thursday, according to the text of a prepared speech obtained by Reuters.
Naimi and other OPEC ministers have regularly blamed increased speculative trading, the weakening U.S. dollar and other factors beyond their control for the rapid rise in oil prices , which have quadrupled in the past five years.
He also said Asia's oil consumption was expected to rise by 20 million barrels per day, driven by strong economic growth, and would account for 60 percent of the expected increase in global oil demand by 2030, according to his speech....