Kuwait oil minister says oil may reach $60 by year-end: newspaper

Minister of Oil and Minister of State for the National Assembly Kuwait's Ali Saleh Al-Omair speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday Nov. 27, 2014. (AP photo)

Kuwait's oil minister expects crude prices to rise in the second half of 2015, possibly to $60 a barrel by year-end, local newspaper al-Rai cited him as saying on Wednesday.

The recent rebound in oil prices was due to low supplies from high-cost producers and an improvement in the growth rates of the global economy, Oil Minister Ali al-Omair told the paper.

Brent crude held steady above $56 a barrel on Wednesday and U.S. crude briefly rose more than $1, after a smaller-than-expected rise in U.S. crude stocks was viewed by some as a sign that a supply glut was starting to abate.


Last Update: Wednesday, 20 May 2020 KSA 09:44 - GMT 06:44