Angola Oil Min Says Current Oil Price Too High

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201004181601dowjonesdjonline000269&title=angola-oil-min-says-current-oil-price-too-high

ORAN, Algeria -(Dow Jones)- Angola's oil minister said Sunday that oil prices at $83 a barrel was too high, as some producers worry high oil prices could hurt demand.

Asked if the current price was too high, Jose Maria Botelho de Vasconcelos said "I think so."

"The good level is $70 to $80" a barrel, he said. "At $90, it could jeopardize the market."

Members of the Organization of Petroleum Exporting Countries are concerned that oil prices--if they rise too high--could hurt a fragile economic recovery and related-crude consumption.

On Friday, U.S oil prices remained at around $83 a barrel, lower than a recent high of $87 a barrel.

-By Benoit Faucon Benoit Faucon, Reporter, Dow Jones; +44 77 601 777 36