Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Oil prices in very comfortable zone

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".

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...