Dubai-The rise in Brent crude oil futures prices to close to $100/b does not warrant action by OPEC because it is not a true price increase but compensation for a weaker US dollar and recent weather-and pipeline-related developments, the head of Libya's National Oil Company, Shokri Ghanem, said January 13. The February contract for Brent traded at a high of $98.85/b on January 12, its highest in more than two years.
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