Kuwait (AFP)--Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said Tuesday that the current oil price is "good" and that he expected it to remain within the $75-$90-a-barrel range.

"The oil price is good...I think it will remain in the range of $75-$90 a barrel," Sheikh Ahmad told reporters after opening a symposium on transparency in oil industries.

The minister, however, warned against speculation and volatility in crude prices.

"We hope the increase in the oil price will remain within a reasonable range and that there won't be spikes like before," he said.

"Hopefully, speculation will no longer play [a role] in the price of oil," he said, when asked about the impact of fraud charges against Goldman Sachs Group INC. (GS).

Oil prices fell Monday after the U.S. Securities and Exchange Commission filed a civil suit against the Wall Street financial giant.

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