Kuwait City (Platts)--3Nov2009/706 am EST/1206 GMT

Kuwaiti oil minister Sheikh Ahmed Abdullah al-Sabah said Tuesday that the dollar and other factors, including Russia's rising oil production, were among factors driving oil price movements.

"It is a combination of the dollar and other [factors]," Sheikh Ahmed told reporters when asked whether the dollar and Russia were having an impact on price direction.

Asked whether current high oil prices, which in October traded at their highest levels this year, at above $80/barrel, were delaying the global economic recovery, Sheikh Ahmed pointed to positive growth figures in the US and a sign of revival in the US motor industry as encouraging signs.

The US economy grew 3.5% in the third quarter after contracting by 0.7% in the second quarter.

"Well you see that the GDP of the US has increased 3.5%. There is good news. Good news in the market," Sheikh Ahmed said.

He added that the $1 billion third quarter profit announced by US car manufacturer Ford was positive for gasoline prices.

Front-month US light crude oil futures traded in a range of $77.03 and $78.46/b Tuesday, above what some analysts and even other OPEC ministers have said is justified by current fundamentals.

--Miriam Amie, newsdesk@platts.com