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Iraq Minister Sees Oil at $65

Iraq Minister Sees Oil at $65Iraq Minister Sees Oil at $65

Iraq's Oil Minister Adel Abdel Mehdi said on Sunday world oil prices were gradually rebounding and he expected to see a barrel of crude selling at around $65.

"I don't think they will return to their previous levels. I can see that oil will be sold at $64 to $65 a barrel," he told a news conference in Baghdad, Reuters reported.

Global benchmark Brent crude closed on Friday at $62.58 a barrel after falling as low as $45.19 in January, less than half its price in the middle of last year.

Iraq, member of Organization of the Petroleum Exporting Countries (OPEC), has been hit by the slump, with revenues falling sharply just as it faces a costly military campaign against Islamic State militants who have seized large parts of the north and west of the country.

Iraq's oil revenues for February were just a fraction under $3.5 billion, on exports of 2.535 million barrels per day.

Financialtribune.com