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Kuwait Sees Oil Stuck at $65 for Six Months Until OPEC Moves

Oil prices will stay at about $65 a barrel for at least half a year until OPEC changes its collective production or world economic growth revives, said the head of Kuwait Petroleum Corp.

Oil is trading in a bear market as the U.S. pumps at the fastest rate in more than three decades and demand growth slows. OPEC decided on Nov. 27 to maintain its output target, prompting a drop in European benchmark Brent crude to less than $70 a barrel for the first time since May 2010.