May 9, 2010 / 10:24 AM / 9 years ago

Oil unlikely to fall to $65 - senior OPEC delegate

A logo of a petrol station is pictured in front of the OPEC headquarters in Vienna in this October 24, 2008 file photo. REUTERS/Herwig Prammer/Files

DOHA (Reuters) - The impact from the Greek debt crisis will be “limited” and oil prices are unlikely to fall below $65 a barrel, a senior OPEC delegate from the Gulf Arab region said on Sunday.

Oil at below $65 a barrel would be too low to encourage production from marginal oil fields where extraction is difficult, the delegate said on the sidelines of an energy conference in Qatar.

“I don’t expect the price to go to $65,” the delegate said.

“The economic crisis in Europe will be limited and contained.”

U.S. crude oil futures settled at $75.11 a barrel on Friday, posting their largest weekly loss in almost a year and a half, as worries grew that the euro zone’s debt crisis might derail the global economic recovery.

Crude also hit its lowest level since Feb. 16th on Friday at $74.51, after going over $87 a barrel early in the week.

(Reporting by Simon Webb; Writing by Raissa Kasolowsky)

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