UAE economy minister says oil around $100 okay

UAE economy minister says oil around $100 okay

"As long as it hovers around $100, it is the right price," he told a news conference. "My expectation is it will hover between $80-$100 depending on the situation - it could be more than that," the UAE's economy minister Sultan bin Saeed al-Mansouri said on Monday.

June 4, 2012 5:41 by Reuters

An oil price hovering around $100 a barrel would be right for the United Arab Emirates, the UAE’s economy minister Sultan bin Saeed al-Mansouri said on Monday.

“As long as it hovers around $100, it is the right price,” he told a news conference. “My expectation is it will hover between $80-$100 depending on the situation – it could be more than that.”

Mansouri did not specify which blend of oil he was talking about, but said it had averaged about $112 in the first four months of this year, which meant the UAE would be able to reach economic growth of about 3 percent for this year as a whole.

Brent crude oil slid as low as $97 this week, the cheapest price since January 2011, from peaks around $125 early this year.