Brent crude’s ascent to 29 month high above US$113 fuels concerns of slower global growth

Unrest in Libya and fears of the sentiments spreading to other oil producing countries in the Middle East-North Africa region has propelled Brent crude to a 29 month high past US$113, while crude traded at around US$99 on the Nymex. This spike in prices that has pushed down stocks in Asia, has fuelled concerns of slower global growth. A long period of high oil prices would sink the world’s economies and plunge the fragile global economy back into recession. Asian stock markets showed signs of stabilizing after two straight sessions of losses, but the general mood remained one of caution as investors worry that higher energy prices will hurt corporate profits and add to global inflationary pressures. Though Libya is a relatively small oil producer – it pumps only about two-thirds of Canada’s output.
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