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May 20, 2011    

IEA: Oil supply could threaten global recovery

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by Kay Murchie

Paris-based International Energy Agency (IEA) has warned that rising oil prices pose a risk to the global recovery by reducing spending power and fuelling inflation.

The agency is urging oil producers to increase supplies to avoid “derailing the economic recovery”.

The agency said it is seriously concerned that “there are growing signs that the rise in oil prices since September is affecting the economic recovery by widening global imbalances, reducing household and business income, and placing upward pressure on inflation and interest rates.”

Oil prices have been soaring amid the civil unrest in Libya and the Middle East.

The International Monetary Fund (IMF) recently said the global economy is faced with many challenges – one of them being rising oil prices.

US light crude currently stands at $98.44 a barrel, while Brent crude is $111.42 a barrel.

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