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Exxon says oil barrel should be in $60-$70 range
May 12, 2011 / 3:44 PM / in 7 years

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.

<p>Exxon Mobil CEO and Chairman Rex Tillerson speaks as he and other top oil and gas industry executives testify during a Senate Finance Committee hearing on "Oil and Gas Tax Incentives and Rising Energy Prices" on Capitol Hill in Washington May 12, 2011. REUTERS/Kevin Lamarque</p>

“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

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