Algeria Sees Oil Over $50 But Watching US Growth

(Reuters) – Oil prices are expected to stay above $50 a barrel in coming months, but producers are watching the U.S. economy closely as the possibility of a recession there cannot be ruled out, Algeria’s energy minister said on Sunday.

Asked by reporters for his price outlook for coming months, Energy and Mines Minister Chakib Khelil replied: “I think prices will still remain above $50. The indications on the futures market are above $50 for the coming years.”

But he added: “Now everything depends on world economic growth. If there really is a recession in the U.S., at that moment demand could be affected fairly rapidly. We would find a lot of supply on the market and a lot of crude in competition.”
Reuters