Oil prices in very comfortable zone

November 1, 2010

, SINGAPORE, Nov 1 – Current oil prices at above 80 dollars a barrel are within a "very comfortable zone", Saudi Oil Minister Ali al-Nuaimi said Monday.

"I would say we are in a very comfortable zone," he said in answer to a question after giving a keynote speech at an energy forum in Singapore.

"I believe this zone should continue for some time and I will not predict for how long. I hope it will be longer than most people think," said the minister, whose country is the biggest producer in the OPEC oil cartel.

New York\’s main contract, light sweet crude for December delivery, was up 2.35 dollars to 83.78 dollars at around 1340 GMT.

Brent North Sea crude for December delivery rose 2.02 dollars to 85.17 dollars.

"Producers, consumers and companies are all happy with this price," he said, adding however that the crude market is "a little bit oversupplied".

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