Exxon says oil barrel should be in $60-$70 range
WASHINGTON (Reuters) - The head of Exxon Mobil (XOM.N) stopped short of blaming speculators for the run-up in oil prices, but he told Congress on Thursday that based only on the fundamentals of supply and demand, the price of oil should be in the range of $60 to $70 a barrel.
"When we look at it, it's going to be somewhere in the $60 to $70 range if you said: 'If I had access to the next marketable barrel, what would it cost?" Exxon's CEO and Chairman Rex Tillerson told the Senate Finance Committee in response to a question about the influence of speculators on high oil prices.
(Reporting by Tom Doggett)
- Nearly 300 missing after South Korean ferry capsizes: coastguard |
- Separatists fly Russian flag over Ukrainian armored vehicles
- Ocean floor search for missing Malaysia plane cut short again
- Ukraine launches 'gradual' operation, action limited |
- China economic growth slows to 18-month low in first-quarter |