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Russia floats $70-80 oil as fair price at G8

A petrol pump is pictured at petrol station in Berlin in this January 3, 2008 file photo. REUTERS/Johannes Eisele/Files

L’AQUILA, Italy (Reuters) - Russian President Dmitry Medvedev told other G8 leaders on Wednesday that a poll of oil company executives showed they thought $70-80 was a fair price, according to his spokeswoman.

“G8 leaders generally agreed in their remarks,” she told reporters at a summit in Italy of leaders from the G8 economic powers.

Medvedev also told the other leaders that it was impossible to regulate oil prices via administrative measures, she said.

“In the course of the morning session President Medvedev said administrative regulation of oil prices is impossible,” his aide Natalya Timakova told reporters.

According to a draft statement prepared for the summit, G8 leaders were going to call for reduced volatility in energy markets, saying unpredictable prices impaired industry’s ability to invest.

But the draft made no reference to price ranges.