US Light crude oil futures open Tuesday’s trading session higher as oil prices saw a boost following comments from Saudi Arabia’s energy minister saying that the world’s biggest crude exporter wants oil prices at $100 a barrel.
Latest WTI Oil Price
US Light crude oil futures for February 2012 delivery was trading at $100.64 a barrel, 07.55 GMT this morning in electronic trading on the NYMEX.
Saudi Oil Price Goals
Saudi Arabia aims to stabilise the average of crude oil prices worldwide at around $100 a barrel in 2012, Ali al-Naimi said in an interview yesterday.
Saudi Arabia, the biggest producer in OPEC, can make up for any loss of crude oil output if sanctions are placed on Iran, al-Naimi told reporters.
Meanwhile, France wants an EU embargo delayed by no more than three months as members seek alternative supplies, an official with knowledge of the matter said yesterday.
Iran, OPEC’s second largest producer, has threatened to block oil shipments through the Strait of Hormuz in retaliation against international sanctions.
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US Light crude oil futures gets boost after Saudi targets $100 price range
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