Oil Prices Could Hurt Economic Recovery

Reuters:

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.

Read the whole story: Reuters

Comments

[Lorianne]

Predictions of $250 a barrel on fears for oil reserves, hopes of economic recovery and hedging against weak dollar

http://www.guardian.co.uk/business/2009/jun/10/oil-market-reserves

[tompoe]

The headline reads, traders buying oil and storing it on tankers off the coast of Malta to drive up prices, and destroy economy. But, hey, if Reuters printed that, they'd lose their corporate shill rating.