Oil Crisis No. 4
It may be counter-intuitive to argue that oil prices will climb during a year in which most of the leading economies are slowing down. Yet, global oil prices have been climbing sharply, hitting a new high of $122 per barrel on Tuesday. What is worse, the trend of price forecasts (including from representatives of the Organisation of Petroleum-Exporting Countries, or Opec) points to still higher prices, going up to such previously unthinkable levels as $150-200 per barrel.
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