(MENAFN- ProactiveInvestors - Australia) Crude oil prices have recovered from the initial shock of the surprise levy on Cypriot bank savings while receiving a little spur from Saudi Arabian Oil Minister Ali Al-Naimi's comment that US$100 a barrel oil is "reasonable".
NYMEX benchmark West Texas Intermediate (WTI) futures April crude was up US$0.29 to US$93.74 while the ICE Brent closed up US$0.60 to US$109.50.
Al-Naimi had said that at current levels, oil prices of about US$100 a barrel would not affect economic growth in Asia.
He added that any suggestion that Saudi Arabia was trying to keep the price high to finance domestic spending was unrealistic and that the world's largest crude exporter would remain a reliable supported to Asia and the rest of the world.
Oil prices had dropped yesterday after Cyprus agreed to demands by Eurozone finance ministers to raise about US7.6 billion by levying a fee on every bank account.
This raised concerns about creating massive bank runs in Cyprus and other stressed European economies. Â
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.