Mediaboss Marketing

DUBAI Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday.

"The price range of $55 per barrel would be suitable for oil," Zanganeh said, according to the oil ministry's news website SHANA.

Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.

Brent futures gained 72 cents, or 1.5 percent, to settle at $49.10 a barrel.

Zanganeh said members of the Organization of the Petroleum Exporting Countries (OPEC) have signaled that they are leaning towards extending the supply cuts, SHANA reported.

"I think non-OPEC oil producers will also second (an) extension of the plan," said Zanganeh, speaking on the sidelines of an energy fair in Tehran.

OPEC and non-OPEC ministers are due to meet on May 25.

They appear likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut.

(Reporting by Dubai newsroom; Editing by Keith Weir)

WASHINGTON U.S. Commerce Secretary Wilbur Ross said on Saturday that threats of retaliatory trade actions from Canadian officials "are inappropriate" and will not influence final U.S. import duty determinations on Canadian softwood lumber.

PALO ALTO San Francisco Federal Reserve Bank President John Williams on Saturday reiterated his view that the U.S. central bank should begin trimming its massive balance sheet later this year, in part so the Fed has more tools at the ready when the next recession hits.

YOKOHAMA, Japan Philippine President Rodrigo Duterte will announce his choice for the next central bank governor soon, giving his administration its biggest chance yet to shape the fast-growing country's economic future, the finance secretary said on Sunday.

Continue reading here:
Iran says $55 oil price suitable, sees supply cut extension - Reuters