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Russian oil producer Rosneft offers oil price range

Russian oil producer Rosneft offers oil price range

Business
July 23 (UPI) -- The head of Russian oil company Rosneft said that, from his view, the price for Brent crude oil will likely stay below $ 80 per barrel for the rest of the year. The price for Brent crude oil, the global benchmark, hit its high mark for the year so far on May 22 when it closed at $ 80.42 per barrel. The run to $ 80, a multi-year high, was triggered in part by the U.S. decision to leave a multilateral nuclear agreement that allows Iranian oil to flow through the global market. Brent was trading near $ 74 per barrel early Monday EDT. Igor Sechin, the chief executive officer at Russian oil company Rosneft, said Sunday his company's budget is based on $ 63 per barrel. "I think oil prices will stay within this range: from $ 75 to maximum $ 80 per barrel," he was quoted as sayi...