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Oil at $50 Is ‘Gift to World’ as Abu Dhabi Sees Higher Prices

  • Brent crude has dropped this year amid a global oversupply
  • Demand growth seen by IEA climbing to 5-year high in 2015
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Why Crude Oil Prices May Hit $130 a Barrel in 2017

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Oil at $50 a barrel is a “gift to the world” as prices should be low enough to spur economic growth, according to the head of Abu Dhabi’s Department of Economic Development.

Prices will probably be at $60 next year, after hitting bottom at $45, Ali Al Mansoori, the department’s chairman, said in an interview Sunday in the capital of the United Arab Emirates, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries. Benchmark Brent crude has dropped 17 percent this year amid a global oversupply and was trading Monday at $47.75 a barrel at 3:13 p.m. London time.