Oil prices are heading toward stability and might even rise “reasonably”, Saudi Arabia's King Abdullah, Custodian of the Two Holy Mosques, was quoted as saying by a Kuwaiti newspaper. “Oil prices are heading toward stability and might rise reasonably,” King Abdullah told Al-Seyassah's Saturday edition, according to an advance copy obtained by Reuters late on Friday. “We expected at the beginning of the year an oil price between $75 and $80 per barrel and this is a fair price,” he said. In New York, oil prices extended gains Thursday from a larger-than-expected drop in US energy stockpiles and an intense cold snap in the United States, the world's biggest energy consumer. New York's main futures contract, light sweet crude for delivery in February, rose $1.38 to $78.05. London's Brent crude for February delivery gained 86 cents to $76.31.
