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OPEC blames speculators for increasing oil price

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OPEC blames speculators for increasing oil price

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The Secretary General of OPEC has called on governments to rein in speculation on oil. Abdullah Al-Badri claims their activities are adding 15 to 20 dollars risk premium to the price of crude oil.

Oil prices have risen following political unrest in the Middle East – particularly Libya. Earlier this month, oil hit $127 a barrel – the highest level since July 2008.