Oil prices were little changed on Tuesday, with Brent holding above $48 following comments from a top Opec official that prices may have found a floor.
Opec secretary-general Abdullah Al-Badri said oil prices may have bottomed out
The head of Opec said the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.
There is no need to panic at the recent collapse in oil prices, the secretary general of Opec said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Opec's secretary general said he was not worried about the oil market outlook for 2013, as the exporter group pumps a million barrels per day (bpd) more than its official output target without weakening prices.
Opec Secretary General Abdullah Al-Badri hopes the oil producer group will trim output towards its output target of 30 million barrels per day (bpd) in coming months, industry newsletter Gulf Oil Review quoted him as saying.
An acceptable range for oil prices is higher than $75 to $85 a barrel because of inflation, Opec's Secretary General Abdullah al-Badri said on Thursday.
He said it was very difficult to specify a precise range, but infla