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FinancialNews


  • 02-11-10

    $70-$90 per oil barrel is �suitable�: Saudi Minister

    (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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