UPDATE 1-Iraq: OPEC sees "acceptable" oil peak at $120

Tue Mar 22, 2011 1:38pm GMT

BAGHDAD, March 22 (Reuters) - OPEC believes the oil price is approaching $120 per barrel but unlikely to go higher, a level that is "acceptable" and will not hinder global growth, Iraqi oil minister Abdul-Kareem Luaibi said on Tuesday.

"Global oil prices are moving towards $120 a barrel. We consider this an acceptable price that will not harm global growth," Luaibi told a news conference in Baghdad. "We think the price will not exceed $120 per barrel."

Oil prices slipped on Tuesday, with Brent crude falling below $115 a barrel as investors betting prices would rise with Western involvement in Libya took profits in anticipation of a slowdown in air strikes.

Brent crude for May 1 delivery LCOc1 was down 59 cents at $114.37 at 1320 GMT.

Iraq is a member of the Organisation of the Petroleum Exporting Countries.

(Reporting by Ahmed Rasheed; Writing by Peter Graff; editing by Keiron Henderson)

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