Ecuador Sees Oil Prices at $70 to $80 per Barrel (USO)

Reuters is reporting that Ecuador’s minister in charge of oil policy, Wilson Pastor, believes that world oil prices will stabilize around the $70 to $80 level throughout the remainder of the year. Pastor holds the rotating presidency of OPEC this year.

In an exclusive interview with Reuters, Mr. Pastor said, “We expect that (prices) will stabilize between $70 and $80 until the end of the year,” adding that, “production levels will be maintained.”

The minister also said that it is very important for OPEC to keep a level of production that satisfies demand without any large economic reaction.

Crude oil prices are lower on the session, down for the fifth straight session. The United States Oil Fund (NYSE: USO) is currently lower by 0.85%, trading at $32.59.

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