Saudi expects oil to stabilize around $60 a barrel: DJ, citing sources

Saudi Arabia expects oil prices to stabilize around $60 a barrel, Dow Jones reported Wednesday, citing sources familiar with the situation.

The report quoted an unnamed Gulf oil official as saying that if prices did fall below $60 "it won't be for a long time."

Brent crude was trading at $70.89 at midday Wednesday. (Where's oil trading now? Click here) Dow Jones said the current price implied Saudi Arabia would not push for oil supply cuts anytime soon.

OPEC surprised some last week by not cutting oil production in the face of sliding prices. The report said OPEC members had been considering a Venezuelan proposal to cut output, but that plan collapse in the face of Russian opposition.

For more from Dow Jones click here.