Kuwait wants to see the price of oil stay above $60 a barrel, the OPEC member's oil minister said on Sunday. "We will be watching the market very closely," Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters at parliament. "We would not like to see the price go below a certain level so it at least meets our budgetary requirements."
When asked what that level was, Sheikh Ahmad said "$60, at least for Kuwait." US crude slipped to a four-week low of $65.63 a barrel on Friday as the jobless rate in the United States rose to a 26-year high. Crude fell nearly $8 in four days last week from an eight-month peak of $73.38, on signs the economy of the world's top energy consumer was still struggling.
Speculation and changes in the strength of the dollar were playing a large part in oil price volatility, Sheikh Ahmad said. Last week, the Gulf Arab state's oil minister said a price over $100 a barrel would hurt the global economy.
A breach of $100 would not necessarily bring a boost in oil supply from the Organisation of Petroleum Exporting Countries (OPEC), Sheikh Ahmad said on Sunday.
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