Kuwait minister says current oil price acceptable

KUWAIT CITY, June 8, 2010 (AFP) - The current oil price is "acceptable" andthere is no need for OPEC to hold an extraordinary conference, Kuwait's OilMinister Sheikh Ahmad Abdullah al-Sabah said on Tuesday.

"The price (of oil) is acceptable,"said Sheikh Ahmad when asked about the current crude prices, adding he expectsthe price to continue to fluctuate but to remain within the current range untilthe end of the year.

The Kuwaiti minister also said hefavours an oil price at between "75 and 85" dollars a barrel, adding there wasno need for an extraordinary meeting of the Organisation of Petroleum ExportingCountries (OPEC) at this stage.

Oil edged up in Asian trade Tuesdayas the European single currency recovered, spurring investor demand for crudefutures.

New York's main futures contract,light sweet crude for delivery in July, gained 47 cents to 71.91 dollars abarrel while Brent North Sea crude for July delivery was up 13 cents to 72.25dollars.

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