Kuwait Says Oil Prices OK For Now

KUWAIT CITY (AP) -- Kuwait's energy minister says he hopes oil prices will stay between $70 and $80 a barrel till the end of the year.

Sheik Ahmed Al Abdullah Al Sabah however says prices should not rise above $100 because this could backfire on producers by lowering demand.

He spoke in Rome on Tuesday to the state-owned Kuwait News Agency.

Sheik Ahmed said the latest rise in oil prices to just over $70 reflects optimism that the world economy appears to be rebounding from recession.

Prices have modestly improved following OPEC's decision to cut production by 4.2 million barrels from September levels. The cartel, of which Kuwait is a key member, will meet in September to review production policy.

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