Oil held near $51 a barrel on Friday despite fresh warnings from big consuming nations that economic growth may suffer from a renewed rise in fuel costs.
Dealers shrugged off news of rising U.S. crude stockpiles to focus on Saudi Oil Minister Ali al-Naimi’s forecast that oil would stay between $40 and $50 for the rest of this year, a signal the OPEC cartel might be happy with such levels, Reuters reported.
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