Lotos Sees Oil at $80/barrel at Year End

The chief executive of Poland's No.2 refiner Lotos expects oil prices to fluctuate this year before they arrive at $80 per barrel at the end of 2015, he said on Tuesday.

Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.

"I think that at the end of the year the oil price could be at around $80 per barrel, but fluctuations will be seen through the whole year," Pawel Olechnowicz told reporters.

Lotos' biggest rival, PKN Orlen, is not betting on oil prices recovering soon either, expecting them at $80 in the longer term.

Reporting by Anna Koper