DUBAI (Reuters) - Iranian Oil Minister Bijan Zangeneh said on Sunday that Tehran preferred a “reasonable” crude oil price to avoid market instability, the ministry’s news agency Shana reported.
Zangeneh said that reasonable oil prices would “encourage producers to keep supply while it would prevent global markets from plunging into instability,” according to Shana.
He added that “manufactured tensions” were the reason behind the current rise in oil prices.
Oil prices rose about 2 percent on Friday, with Brent settling up $1.25 at $74.87 a barrel, as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran. [O/R]
Reporting by Rania El Gamal; Editing by Adrian Croft