Saudis keen to hold oil at $70

LEADING Opec producer Saudi Arabia said this weekend it still favoured a $70 (£44.27) to $80 price range for oil, extending a two year policy of price control.

The statement by Saudi Oil minister Ali al-Naimi at an Opec meeting on Saturday will come as a relief to consumer nations in the West, worried that rising oil prices could get out of control and hurt the global economic recovery.

His comments came as Opec agreed to keep production restraints unchanged, despite a recent surge in crude prices to $90 a barrel.