Oil prices cross US$94 amid warning that higher fuel costs could undermine global economic growth

22-Jun-11

Oil for July delivery rose by over a dollar to US$94.4 on the Nymex, while in London, Brent crude for August delivery rose to US$$112.6 on the ICE Futures exchange. Oil prices have risen past US$94 a barrel in Asia on warning by energy industry expert that higher fuel costs could undermine global economic growth, and send global economy back into recession. Also, the dollar fell to the euro early Tuesday ahead of a key vote by Greek's Parliament that could pave the way for financial reforms. The reforms are necessary for Greece to receive its next US$17 billion bailout loan. A second round of talks between Greek and eurozone officials did not produce a final agreement on the next installment of rescue loans for Greece or on a broader, second bailout expected in cooperation with the International Monetary Fund.