Exxon says oil barrel should be in $60-$70 range

By @ibtimes on

The head of Exxon Mobil stopped short of blaming speculators for the run-up in oil prices, but he told Congress on Thursday that based only on the fundamentals of supply and demand, the price of oil should be in the range of $60 to $70 a barrel.

When we look at it, it's going to be somewhere in the $60 to $70 range if you said: 'If I had access to the next marketable barrel, what would it cost? Exxon's CEO and Chairman Rex Tillerson told the Senate Finance Committee in response to a question about the influence of speculators on high oil prices.

(Reporting by Tom Doggett)

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