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Commodities Briefing - Categorized | Oil, Price Watch more

Risk of oil price rises due to conflicts

Posted on 23 July 2014

World stock markets and global economic recovery are at risk from a sharp rise in oil prices triggered by military conflicts, a leading economist said. A combination of fighting in the Middle East and the shooting down of the passenger jet over Ukraine sent crude oil prices rising by $2 a barrel in the past week, said Steen Jakobsen, chief economist at Saxo Bank.
He said markets had got used to believing that low interest rates would save the world economy and had been duped into believing what happened in the real world did not matter. Jakobsen added: “We smiled while globalisation reduced prices and made our companies more profit now the escalation of wars reflect a world where growth is short and energy is expensive and increasingly hard to get………………………………………..Full Article: Source


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