Tuesday, August 4, 2009

Oil Spike Could Impede Economic Recovery


Inching back up

The price of crude is inching up again, and one analyst has told the Financial Times that this does not bode well for a global economic recovery.

Fatih Birol, chief economist at the International Energy Agency, says any increase beyond $70 would retard recovery. Yesterday's trading on the European market was already $73.75 - a record for the year.

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Photo credit: http://www.flickr.com/photos/dno1967/3786592438/

1 comment:

Anonymous said...

Sounds about right. Oil being 40 a barrel would really help to get the economy back on track more quickly. Helps bring down the price of everything (or increase profits if you're a cynic)

Alden Merchant