Oil price likely to stabilise at $50-60: Kuwait
Prices are currently supported by conflict in Iraq and Libya and by a drop in sand oil and shale oil output, says Kuwaiti Oil Minister
 "Oil price likely to stabilise at $50-60: Kuwait")
World crude prices are expected to gain this year or at least stabilise at between $50 and $60 a barrel, Kuwaiti Oil Minister Ali al-Omair was quoted as saying.
"Forecasts for the oil price this year indicate that it will gain or at least stabilise between $50 and $60 a barrel," the official KUNA news agency quoted Omair as saying late on Saturday in Bahrain.
The minister said prices are currently supported by conflict in Iraq and Libya and by a drop in sand oil and shale oil output.
World prices dropped at close on Friday as the dollar rose sharply, making dollar-priced crude more expensive for buyers using weaker foreign currencies.
West Texas Intermediate for delivery in April slid $1.15 to $49.61 on the New York Mercantile Exchange, ending near its week-ago level.
Brent North Sea crude for April, the international benchmark, dropped 75 cents to $59.73 a barrel in London.
"Forecasts for the oil price this year indicate that it will gain or at least stabilise between $50 and $60 a barrel," the official KUNA news agency quoted Omair as saying late on Saturday in Bahrain.
The minister said prices are currently supported by conflict in Iraq and Libya and by a drop in sand oil and shale oil output.
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But that is counterbalanced by slow global economic growth, which is dampening demand, Omair said.
World prices dropped at close on Friday as the dollar rose sharply, making dollar-priced crude more expensive for buyers using weaker foreign currencies.
West Texas Intermediate for delivery in April slid $1.15 to $49.61 on the New York Mercantile Exchange, ending near its week-ago level.
Brent North Sea crude for April, the international benchmark, dropped 75 cents to $59.73 a barrel in London.