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Oil market healthy, says Saudi

The oil price of between $68 (£41) and $73 a barrel is healthy, Saudi Arabia’s oil minister Ali al-Naimi said yesterday. Speaking before today’s meeting of the Organisation of Petroleum Exporting Countries (Opec) taking place in Vienna, al-Naimi said the oil market was “very well supplied” and in “good shape”. Analysts at Wall Street bank Goldman Sachs expect oil prices to hit $85 this year, but Opec is expected to keep output quotas static.