OPEC SEES OIL PRICES AROUND 70-80 DOLLARS IN COMING MONTHS

By NBF NEWS
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Oil prices are likely to trade around $70 to $80 per barrel in coming months, supported by improving economic and oil market conditions, the Organisation of Petroleum Exporting Countries, said on Wednesday.

The monthly report from OPEC said world oil demand would rise by 900,000 barrels per day in 2010, 20,000 bpd higher than previously forecast, but the need for crude from its members would fall from the previous year.

'Current conditions in the world economy and the very comfortable outlook for oil market fundamentals are likely to remain supportive for prices to continue to move within this range over the coming months,' the report said.

OPEC trimmed the forecast for demand for its own crude in 2010 by 130,000 bpd reflecting higher non-OPEC supply.