Kuwait: Oil price could fall to $60 a barrel

30 May 2010

(MENAFN) Kuwait’s national representative to Opec said that crude oil prices could fall to $60 a barrel due to global economic instability, Kuwaiti daily newspaper Al-Seyassah reported.

The official said that the range of $70-$80 per barrel, is a fair one for both consumers and producers. The drop in prices could continue and reach $60 a barrel and it is an issue correlated to the global economy, she added.

Benchmark US crude futures fell to $73.97 a barrel, posting their worst monthly loss since December 2008. Kuwait is the world’s fourth-largest oil exporter.

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