OPEC not want Brent prices above $60

Bijan Namdar Zanganeh pointed out "members of the Organization of the Petroleum Exporting Countries (OPEC) are not keen on increased Brent Crude prices to above 60 dollars per barrels because of shale oil," reported Iran's oil ministry news service Shana.

He said the rally in oil prices in recent days is because of the OPEC and non-OPEC production cuts and partly because of the cold season.

"We are in winter, a season in which prices go up as demand for petroleum products goes up," Iranian oil minister added.

On January 9, Brent crude futures were at $68.11 a barrel, 33 cents, or 0.5 percent, above their last close. Brent touched $68.27 last week, its highest since May, 2015.

/SR