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Oil prices reach USD 120 a barrel
Mon, 04 Apr 2011 17:48:16 GMT
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Crude oil has hit two-and-a-half-year highs at almost USD 120 per barrel on prospects of higher demand following the popular uprisings in the Middle East and North Africa.

Brent North Sea crude rose by USD 1.25 to a high of USD 119.95 a barrel on Monday. It later slipped back to trade around USD 119.70, Reuters reported.

The price of US light, sweet crude, for delivery in May, hit a new 31-month high as it reached USD 108.78 a barrel, before settling for USD 108.40.

The report come as Iran Oil Minister and OPEC President Masoud Mir Kazemi, sees no reason to call an extraordinary meeting of the Organization of Petroleum Exporting Countries.

Mir Kazemi said that "An analysis of supply shows that despite the price hike of black gold to over 100 dollars per barrel, there is no need for an extraordinary meeting."

The oil minister blamed the devaluation of the US dollar as the main reason behind the rise in oil prices.

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