South Korea minister sees oil prices bouncing back

SEOUL, Oct 2 (Reuters) South Korea, the world's fourth largest importer of crude oil, said on Monday that the recent drop in international oil prices could be short-lived.

''Dubai crude had fallen to as low as (per barrel) from around , but there's a possibility that the decline will be temporary and that the price may stay high above ,'' Energy Minister Chung Sye-kyun told a private radio programme.

He said the country, almost entirely dependent on energy imports to power Asia's third-largest economy with imports of more than 800 million barrels per year, should continue efforts to save energy and develop alternative sources.

Benchmark Dubai crude was quoted at .72 per barrel late on Friday after peaking at .21 in early August.

Reuters SBA DB0804