The oil minister of Iraq , a founding member of the Organization of Petroleum Exporting Countries, said Tuesday that current oil prices are "reasonable" and he doesn't expect world economic growth to be harmed at their current level.

Newly appointed Abdul Kareem al-Luaibi also said he didn't expect oil prices to increase beyond $120 a barrel.

Oil prices have surged this year on concerns that protests in the Middle East and North Africa would disrupt production. At 1506 GMT on Tuesday, ICE May Brent crude futures traded 42 cents, or 0.4%, higher at $115.38 a barrel. Brent prices have risen over 12% since protests began in Libya . Fighting there has since cut off the country's oil exports.

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