Chavez: Oil Is Going To $80

hugo chavez

SALVADOR, BrazilĀ  – World oil prices are moving to $75 to $80 per barrel, Venezuelan President Hugo Chavez said Tuesday, citing statements by Saudi Arabia that those prices would represent a fair price for oil.

“King Abdullah has said the fair price of oil is between $75 and $80 per barrel — that’s where oil prices should be heading,” Chavez told reporters after a meeting with Brazilian President Luiz Inacio Lula da Silva.

Oil hit a six-month high above $62 a barrel Tuesday, bolstered by U.S. consumer confidence data and comments from OPEC kingpin Saudi Arabia that prices may continue to rise.

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