BUSINESS

Oil Prices Could Hurt Economic Recovery

07/11/2009 05:12 am ET | Updated May 25, 2011

If oil prices rally too rapidly they could damage any fragile economic recovery, the head of the International Energy Agency (IEA) said on Wednesday, adding that last week's OPEC decision to keep output steady was a good one.

Oil prices have more than doubled to around $67 a barrel since hitting a low of $32.40 in December last year, which was the weakest level in nearly five years.

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