Algeria says no urgent OPEC action needed

DOHA (Reuters) — Algerian oil minister Chakib Khelil said on Saturday that there was no need for OPEC to take any action for the moment despite the recent drop in oil prices.

• Khelil said the drop in oil prices was due to uncertainty in the market over the Greek debt crisis, and had nothing to do with fundamentals.

• He said he still expected prices to stay around $80 to $85 a barrel for the rest of the year. US crude oil futures fell settled at $75.11 a barrel on Friday, after falling to $74.51, its lowest since February 16.
• Oil posted its biggest weekly loss in almost a year hand a half on Friday following the sharp sell-off on Wall Street and on worries that the euro zone’s debt crisis will derail the global economic recovery.
• Khelil said the drop in oil prices was due to mounting uncertainty in the market, and had nothing to do with fundamentals. He said he expected prices to stay around $80 to $85 a barrel for the rest of the year.