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Business

Saudi Aramco expects oil prices to rise by end of 2016

Associated Press
January 26, 2016 | 9:00am

RIYADH — Saudi Arabia's state-owned oil giant expects oil prices will climb toward the end the year, saying the current price of around $30 a barrel is not sustainable.

Saudi Aramco's CEO Amin Nasser, speaking Tuesday at an investment conference in the kingdom, says there are indications that demand for oil picked up last year and that the gap between supply and demand has been shrinking, which could drive prices up.

Nasser declined to give a precise price range. He says "our prediction is we will see some adjustment," though not a return to the $100 barrel range of two years ago.

Brent crude, a benchmark for international oils, was trading Tuesday at $31.13 a barrel in London.

AMIN NASSER

BARREL

DEMAND

NASSER

OIL

PRICE

PRICES

QUOT

RANGE

SAUDI ARABIA

SAUDI ARAMCO
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