Oil price might rise "reasonably" – Saudi king in paper

RIYADH (Reuters) – Oil prices are stabilising and might even rise “reasonably,” Saudi Arabia’s King Abdullah was quoted as saying by a Kuwaiti newspaper.

The top OPEC oil exporter reiterated it saw a fair oil price between $75 and $80 per barrel, King Abdullah told the daily al-Seyassah in an interview.

“We expected at the start of the year oil prices between $75 and $80 a barrel, this is a fair price…Oil prices are heading towards stability and might rise reasonably,” he said.

On Thursday, U.S. oil crude futures rose $1.38 to $78.05.

The Saudi economy was in “excellent shape” and the global financial crisis had had only a limited impact on the member of the leading G20 countries, King Abdullah added.

“The Saudi economy is still growing, not fast but without decline. We have a lively economy, be it the government or private sector,” he said, adding that foreign investments to the kingdom had risen despite global turmoil.

Reuters