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FINANCIAL NEWS
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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