Oil at US$50 is 'gift to world' as Abu Dhabi sees higher prices

Abu Dhabi

OIL at US$50 a barrel is a "gift to the world" as prices should be low enough to spur economic growth, according to the head of Abu Dhabi's Department of Economic Development.

Prices will probably be at US$60 next year, after hitting bottom at US$45, Ali Al Mansoori, the department's chairman, said in an interview on Sunday in the capital of the United Arab Emirates, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries (Opec). Brent crude has dropped 16 per cent this year, closing on Friday at US$47.99, amid a global oversupply.