Opec warns oil too high

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Opec warned oil consumers of another speculative attack on energy prices yesterday as crude oil hit a six-month high above $66, and one banker predicted a return to the $100 barrel.

Crude oil futures are poised for their largest monthly gain in a decade, having already risen 38 per cent this month, despite a bleak outlook for demand.

Abdalla el Badri, the secretary-general of Opec, said latest supply and demand trends did not support the current price.