World oil prices are moving to $75 to $80 per barrel, Venezuelan President Hugo Chavez said yesterday (May 26), citing statements by Saudi Arabia that those prices would represent a fair price for oil.

"King Abdullah has said the fair price of oil is between $75 and $80 per barrel -- that's where oil prices should be heading," Chavez told reporters after a meeting with Brazilian President Luiz Inacio Lula da Silva.

Oil hit a six-month high above $62 a barrel on Tuesday, bolstered by US consumer confidence data and comments from Opec kingpin Saudi Arabia that prices may continue to rise. – Reuters