Saudi Arabia Expects Oil Stabilization at $60 a Barrel

Dec. 04, 2014 12:37PM PST

Saudi Arabia has spread that it expects oil to drop to $60 a barrel, prompting a further drop in oil prices on Thursday.

According to CNBC:

Saudi Arabia expects oil prices to stabilize around $60 a barrel, Dow Jones reported Wednesday, citing sources familiar with the situation.
The report quoted an unnamed Gulf oil official as saying that if prices did fall below $60 “it won’t be for a long time.”