G8 agrees $70-80 fair oil price: Russia

L'AQUILA (Italy): G8 leaders agreed on Wednesday that $70-80 was a fair price to pay for a barrel of oil, a spokeswoman for Russian President Dmitry Medvedev told reporters.

"The G8 leaders... agreed that this price is fair," the spokeswoman Natalya Timakova said.

Ahead of the summit, British Prime Minister Gordon Brown and French President Nicolas Sarkozy had said they wanted the three-day gathering taking place in Italy to stabilise oil prices after a 12-month period which has seen the price for a barrel of crude fluctuate between 32 and 147 dollars.

However Timakova said Medvedev was not in favour of price regulation. "The Russian president expressed his opinion that regulating these prices is hardly realistic," she said.