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Saudi Oil Minister Ali Al-Naimi says prices are satisfactory and efforts to reduce carbon emissions are hurting big oil's bottom line.
"The price is good for everybody, consumers, producers. We must also be mindful that efforts to rapidly promote alternatives could have a chilling effect on investment in the oil sector," he said.
Light sweet crude (October delivery) rose to $71.12 a barrel and the dollar sank to it's lowest level against the euro.
"The price is good for everybody, consumers, producers. We must also be mindful that efforts to rapidly promote alternatives could have a chilling effect on investment in the oil sector," he said.
Light sweet crude (October delivery) rose to $71.12 a barrel and the dollar sank to it's lowest level against the euro.