World oil prices rose slightly this evening as the International Energy Agency warned that crude prices near $100 a barrel were posing a real risk to the global economic recovery. Brent crude rose 59 cents to $98.02 a barrel, while US crude added 22 cents to $91.76.
In its latest monthly report, the IEA said 'recent price levels already pose a real economic risk - something of deep concern to producers and consumers alike'.
Oil prices of $100 a barrel represent a burden of 5% of gross domestic product on the global economy, the IEA calculated, and said such levels in the past 'have clearly been associated with economic problems'.
'Ultimately, oil producers, financial investors and consumers (notably import-dependent developing countries) all suffer under such a scenario,' the report said.
Optimism about the global economic recovery and interest from investors have pushed crude prices close to $100 a barrel in recent sessions, levels last seen in October 2008.
A harsh winter in Europe and parts of North America, as well as growth in China and other developing nations has also boosted prices.
