The UAE economy minister has forecast that crude prices could hit $60 a barrel this summer, after closing at a six-month high of nearly $50 a barrel last week.

“It’s possible for oil prices to reach $60 a barrel or more during this summer” as demand increases in the US, UAE Economy Minister Sultan bin Saeed al-Mansoori told reporters at a conference in Abu Dhabi on 30 May.

The Brent crude price has not spent a sustained period above $60 a barrel since June 2015, when it started a decline to a 12-year low of $27 a barrel at the start of this year.

Prices have been boosted by the start of the US driving season and drops in output in Nigeria, Venezuela and Canada.

Decision-makers from oil producers’ group Opec are set to meet in Vienna on 2 June to discuss the continued low oil prices, but few analysts expect any agreements on cutting output.

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