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)
- Divided, Scots prepare to vote on fate of the United Kingdom |
- Scots vote in independence referendum to seal the United Kingdom's fate |
- Australian PM says police raids follow IS linked beheading plot
- Dollar hits six-year peak versus yen, ECB aims cash hose
- Apple to unveil new iPads, operating system on Oct. 21: report