Oil at $60 Gains More Backers on Forecast for Higher U.S. Demand
- U.A.E.’s economy minister sees $60 or higher this summer
- ‘Demand is still very strong’: Standard Chartered economist
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The United Arab Emirates’s economy minister joined forecasters looking for $60 crude this year with demand and production moving more in line.
"It’s possible for oil prices to reach $60 or more during this summer" as demand increases in the U.S., U.A.E. Economy Minister Sultan Bin Saeed Al Mansoori said at a conference in Abu Dhabi on Monday. Crude will end the year higher than $60 a barrel, Mario Maratheftis, global chief economist at Standard Chartered Plc, said on Bloomberg TV. SEB Bank forecast last week that Brent would touch $60 in 2016.