Kuwait official sees oil staying above $100: report

KUWAIT (Reuters) – Oil was unlikely to fall below $100 per barrel as strong demand from emerging economies such as China and India put a floor under prices, a member of Kuwait’s top oil council said in remarks published on Sunday.

Concerns about the economy of the United States and falling oil demand in developed countries have knocked crude from a July record of $147 a barrel to $125 on Friday.

“I don’t think that prices will return to the record level, nor will they fall below $100 per barrel,” Khaled Boodai told al-Seyassah newspaper.

Reuters