Iran's oil minister says $100 per barrel is 'fair' price for crude

Published May 13, 2013

| Associated Press

Iran's oil minister says the country supports prices of $100 for a barrel of crude.

A Monday report by the ministry website quotes Rostam Ghasemi as saying, "For the price of crude to remain at about $100 is fair, and Iran supports it."

Iran has traditionally sought higher prices for crude in the market since it relies on oil exports for about 80 percent of its public revenues.

Oil prices fell Monday as the dollar strengthened against the yen and other major currencies.

Benchmark oil for June delivery was down 83 cents to $95.21 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

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