Oil prices are heading towards stability and might even rise "reasonably”, Saudi Arabia's King Abdullah was quoted as saying by a Kuwaiti newspaper.

'Oil prices are heading towards stability and might rise reasonably,' King Abdullah told al-Seyassah's Saturday edition, according to an advance copy obtained by Reuters late on Friday.

'We expected at the beginning of the year an oil price between $75 and $80 per barrel and this is a fair price,' he said.-Reuters