March 31 (Bloomberg) -- OPEC Secretary General Abdalla El- Badri said that oil prices around $84 a barrel may not be sustainable.
“I don’t know whether it will be sustainable or not,” he said today at the International Energy Forum in Cancun, Mexico. The ministerial meeting brought together energy producers and consumers from more than 60 countries.
Crude for May delivery rose $1.39, or 1.7 percent, to settle at $83.76 a barrel on the New York Mercantile Exchange today, the highest closing price since Oct. 9, 2008. Futures are up 5.5 percent this quarter and 69 percent from a year earlier.
--With assistance from Peter Millard in Cancun. Editors: Jessica Brice, John Viljoen.
To contact the reporter on this story: Margot Habiby in Cancun, Mexico, at mhabiby@bloomberg.net.
To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net.
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