Sources: Saudi Expects Oil To Stabilize Around $60 A Barrel

[big_dog]

Source: CNBC

Saudi Arabia expects oil prices to stabilize around $60 a barrel, Dow Jones reported Wednesday, citing sources familiar with the situation.

The report quoted an unnamed Gulf oil official as saying that if prices did fall below $60 "it won't be for long."

Brent crude was trading at $70.89 at midday Wednesday. Dow Jones said the current price implied Saudi Arabia would not push for oil supply cuts anytime soon.

OPEC surprised some last week by not cutting oil production in the face of sliding prices. The report said OPEC members had been considering a Venezuelan proposal to cut output, but that plan collapse in the face of Russian opposition.

Read more: http://www.cnbc.com/id/102233480