Tuesday, 5 January 2010

Oil price not too high, inventories falling-Kuwait

OPEC member Kuwait is content with an oil price above $80 a barrel, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters on Tuesday.

"It's very nice," the minister said when asked if oil above $80 a barrel was too high. "It's not too high."

U.S. crude traded at $81.78 on Tuesday, after closing at its highest level for nearly 15 months on Monday. The price is above the $75 that top oil exporter Saudi Arabia has said was fair for both producers and consumers.

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