Two Big Producers Just Called the Bottom on Oil: $60 a Barrel - Bloomberg

Two Big Producers Just Called the Bottom on Oil: $60 a Barrel - Bloomberg:

Italy’s top oil producer and Oman’s energy minister predict the latest oil rebound will stick.

Prices are up more than 20 percent since hitting an almost two-year low in December, enough to alter OPEC+ rhetoric from reassuring investors that it will cut output to taking credit for the rebound, and in the case of Oman, forecasting where oil will trade for the year.

Oman Oil Minister Mohammed Al-Rumhi told Bloomberg TV that the agreement between the Organization of Petroleum Exporting Countries and partners including Russia and Oman can sustain prices at $60 a barrel. He sees crude trading between that bottom and $70 a barrel this year. Claudio Descalzi, the chief executive officer of Italy’s Eni SpA, also told Bloomberg TV the range will be between $60 and $62 a barrel.