Global oil prices are unlikely to average less than $100 (Dh367) a barrel this year as expansion in the world's largest economy the US, burgeoning demand from Asian growth engines China and India, Iran's nuclear issues with the West and fears of supply disruption prevent a precipitous fall in the world's most widely-traded commodity, say experts.
On Friday, London's Brent crude oil fell 9 cents to settle at $119.83. Brent had a nearly 1 per cent weekly gain but remained on pace to post a more than 2 per cent monthly loss.
US crude rose 38 cents to settle at $104.93 a barrel, having reached $105. The weekly gain was 1.8 per cent, on track for a similar monthly rise.
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