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Kuwait oil official: Crude could fall to $60

Global economic instability could lead to price drop, OPEC representative tells daily paper.

May 30, 2010 3:05 by

One of Kuwait’s oil officials believes the price of a barrel of crude oil could fall to $60, reports

The website quotes the official speaking to Kuwait daily al-Seyassah. “The drop in prices could continue and reach $60 a barrel and it is an issue correlated to the global economy, ” Nawal al-Fuzaia, Kuwait’s national representative to OPEC, told al-Seyassah.

He went on to say that a range of $70 to $80 was fair for both consumers and producers. Maktoob says that the benchmark US crude futures fell to $73.97 a barrel on Friday, equating to the worst monthly loss since December 2008.

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