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In an interview with Reuters, head of research at the group Hasan Qabazard said Monday's (April 26th) mark was above the $70-$80 level that many Opec members - of whom there are 12 - class as fair.
He said the price of oil for stock market trading does not risk economic recovery, adding: "I think it's a reasonable price that will promote economic development and it's also a reasonable price to producers to invest."
Furthermore, a "reasonable" level of forward demand cover is 52-54 days, Mr Qabazard said. Currently, there is plenty of oil in the market, with Opec stocks 61 days of forward demand cover.
Opec helps to unify the petroleum policies of its member countries, which include Iraq, Nigeria, Kuwait and the United Arab Emirates.
Posted by Greg Secker
