Oil prices closed the week nearing the $100-a-barrel mark amid tension in the Middle East and stronger economic growth in the US.
But Abdalla El-Badri, secretary-general of the Opec oil cartel, said the market was well supplied and dismissed calls for a boost in the group’s output in spite of rising prices and mounting worries about the impact on global economic growth and inflation.
ICE March Brent, the global benchmark, rose on Friday to a peak of $99.63 a barrel, up 2.1 per cent on the week and the highest level since late-2008.
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