Kuwait Says Oil Over $100 Is Too High; Support Saudis

Kuwait followed Saudi Arabia in saying crude oil prices are too high as evidence mounts that energy costs are restraining growth and accelerating inflation.

“I think it’s high,” Kuwait Finance Minister Mustafa Al- Shimali said in an interview in Isfahan, Iran, today. A reasonable oil price would be “more or less $100,” he said.

Crude oil for July delivery fell 50 cents to $134.11 a barrel on the New York Mercantile Exchange at 10:59 a.m., after touching a record $139.89 yesterday.

Bloomberg