Oil trader Vitol sees $120 a barrel as price ceiling

GENEVA: Brent crude prices are unlikely to rise above $120 a barrel due to ample oil supplies and slow economic growth, the managing director of oil trader Vitol said on Tuesday.

"I feel we are at the higher end of the range when we're near $120 (a barrel)...I see Brent trading in a range of $100-$120," said David Fransen at a speech in Geneva on Tuesday.

Geneva-based Vitol is the world's top oil trader with revenues near $300 billion in 2011.