Tuesday September 26, 2006

Oil prices "healthy for exporters"

chron.com :

Oil prices at US$60 a barrel provide a "healthy situation" for petroleum exporters, the vice governor of Saudi Arabia's central bank said. Muhammad Al-Jasser, vice governor of Saudi Arabian Monetary Agency said the current level provides a "healthy situation" for oil exporting countries in the Middle East, although some officials in the region have previously said that oil prices below US$60 could prompt a production cut.

Oil prices have fallen about 21% since hitting a record of US$78.40 on July 14 and the slide came amid weakening U.S. demand for oil. Light sweet crude for November delivery on the New York Mercantile Exchange rose 14 cents to $61.59 a barrel.

See also :

1. Crude oil rises on winter demand, OPEC output risk
2. Oil dips below $60 as supplies build
3. Crude oil falls to 5-month low as natural gas inventories surge
4. Crude oil falls below $64 on forecast for lower global demand

(2006-09-26 18:39:05 SGT) [Energy] Permalink

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