Volatility in the oil market is more of a risk to the economic recovery than the outright price of crude, an International Energy Agency (IEA) official said on Wednesday.
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Benchmark U.S. crude futures fell from above $87 a barrel in early May to as low as $64 by mid-May, as European debt problems underscored the fragile state of the economic recovery. Since then, price has recovered to around $77 a barrel. "Our feeling is to say rather than $75 per barrel is harmful to the economic growth, the risk of prices going very rapidly to $85, $95 or $105 is something that could undermine the recovery, more than the absolute level of prices itself," David Fyfe, head of the oil division at the IEA, said on the sidelines of the presentation of its medium-term oil and gas market report.Read full article here
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