May 12, 2011 / 3:44 PM / 7 years ago

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

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