Oil prices should be between USD70-80 per barrel: Saudi Prince

"We want the prices to be between USD 70 and USD 80 not only to help the West, but also to help ourselves," Saudi Prince Al-Waleed bin Talal said in an interview to CNN on Sunday.
"We don't want the West to go and find alternatives because clearly, the higher the oil prices go, the more incentive you have to go and find alternatives," he added.

"So, to have the USD 70-80 price is good for consumers and producers," he said.
"...the price was hovering around USD 85 but jumped to USD 100 after what happened in Libya and Bahrain. Clearly, there's still some fear factor and there is also speculation factor," he said.

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