High Crude Price Biggest Worry for Global Economy

From Economic Times

High Brent crude prices could dent a global economic recovery while Europe’s economy holds the key to determining world oil demand in 2013, the chief economist of the International Energy Agency said on Thursday.

Brent crude hovered near $115 per barrel on Thursday, not far from a more than three-month high, as the U.S. Federal Reserve’s pledge to stick to its bond-buying stimulus plan and upbeat Euro zone data fuelled optimism about oil demand.

“My biggest worry nowadays is the oil price,” Fatih Birol of the West’s energy watchdog said in Tokyo ahead of an industry seminar.

“Current prices are rather on the high side, especially given the fragile state of the global economic recovery,” he told Reuters.

“The current economic situation is not as bright as we hope to see, and I believe the current rather high oil prices are a major challenge themselves for the global economic recovery efforts,” he added.

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