The price of oil increased above $62 a barrel on Monday as analysts predict Brent to remain above $60 for the rest of this year.
Reuters reported that Brent increased 74 cents to $62.12, while US crude was up 66 cents at $57.79 a barrel.
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Saudi Arabia Oil Minister Ali al-Naimi said on Sunday that lower crude prices will help demand by stimulating the economy and slowing supply growth.
OPEC recently decided not to cut oil production, despite a near 50% drop in oil prices since June.
Monday’s edition of the Saudi-owned al-Hayat newspaper quoted Naimi as saying that Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers.
Analysts expect oil prices to remain above $60 a barrel for the rest of this year without any further increase in prices.
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By GlobalDataNational Australia Bank expects Brent and US crude to average $68 and $64 per barrel respectively in 2015.
Analysts estimate relatively low price volatility for the rest of the year as traders start to wind down their 2014 positions.
