Investing.com - Saudi Arabia wants crude oil to rise to about $60 a barrel in 2017, Reuters quoted OPEC and industry sources as saying.
Saudi Arabia and its Gulf allies view this price would spur fresh investment without incurring a spike in U.S. shale output, the sources said.
OPEC officially holds that the cartel is not seeking a specific price for oil.
OPEC and non-OPEC producers are implementing cuts of 1.8 mn b/d in the first half of this year to address a supply glut.
There has been talk of an extension of the cuts beyond the six-month frame depending on the path for oil prices.
Enhanced technology has made U.S. shale extraction viable at lower price levels.
Baker Hughes data showed the number of rigs operating in the U.S. in the latest week rose by five to 602.
That was the highest count since October 2015.
U.S. crude was up 0.02% at $54.06 at 03:00 ET.