BP CEO sees oil at low end of $60-$90 range for now

* Sees little sign of demand growth

* Oil at $60-$90 range is 'sensible'

LONDON, July 28 (Reuters) - Oil prices are likely to trade towards the lower end of a $60-$90 a barrel range for now and there is little sign of any demand growth, BP (BP.L) Chief Executive Tony Hayward said on Tuesday. Hayward was speaking after BP, Europe's second-largest oil company by market value, reported its second-quarter profit was halved due to lower oil prices and weaker refining margins. [ID:nLR694861]

"In terms of the oil price, we expect there to be continued short-term volatility as supply and demand come back into balance," Hayward told reporters at a news conference.

"$60-$90 is probably a sensible range. I suppose in the near term you would expect us to be closer to the bottom end of that range than the top end."

Oil companies are reacting to the collapse in oil prices from a record high above $147 a barrel in July last year by slashing exploration, production and refining costs. Crude was trading near $68 on Tuesday.

Oil prices have been hit by falling consumption in the United States, Europe and parts of Asia due to the global economic crisis. Hayward said he did not expect demand to rebound rapidly.

"We see little evidence of any growth in demand and expect the recovery to be long and drawn out," he said in a statement. (Reporting by Tom Bergin; writing by Alex Lawler, editing by Sue Thomas)