$100 a barrel 'reasonable" price for oil: Saudi

Agence France-Presse

Posted at Mar 25 2013 05:46 PM | Updated as of Mar 26 2013 01:46 AM

KUWAIT CITY - OPEC's largest oil producing member Saudi Arabia said on Monday that $100 a barrel is a "reasonable" price for oil as prices of the crude rose in Asian trade.

"In 1997, I thought 20 dollars was reasonable. In 2006, I though 27 dollars was reasonable," Saudi Oil Minister Ali al-Naimi told reporters in Kuwait City on the sidelines of a Gulf oil conference.

"Now, it is around $100 ... and I say again 'it is reasonable'."

Oil prices rose in Asian trade Monday after Cyprus and its international creditors struck a 10 billion euro bailout deal, averting collapse of the country's banking system.

New York's main contract, light sweet crude for delivery in May, added 52 cents to $94.23 a barrel and Brent North Sea crude for May delivery increased 62 cents to $108.30 in afternoon trade.

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