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$70-$90 per oil barrel is ï¿½suitableï¿½: Saudi Minister

02 Nov 2010

(MENAFN) Saudi Oil Minister Ali Al Nuaimi, said that the current range of oil prices $70 to $90 is at a “suitable” rate, compared to a previous statement saying that oil price range of $70 to $80 were “ideal”, Gulf Daily News reported.

Al Nuaimi said that consumers are looking for oil prices around $70, but hopefully less than $90 per barrel.

Analysts commented that the Minister’s statement is probably the most convincing reason, since it gives an assurance that Saudi Arabia won’t do anything to prevent a further rise above $80 per barrel, projecting a green light for oil investors.

Dollar-denominated commodities have increased as the US dollar has weakened. The US Federal Reserve is opting for a new round of quantitative easing.

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