Oil at $120 risks economic double dip: IEA

- June 15th, 2011

Reuters reports that according to the International Energy Agency, Oil is tipping the world economy into a double dip recession.

Reuters reports that according to the International Energy Agency, Oil is tipping the world economy into a double dip recession.

The market news is quoted as saying:

Oil prices vaulted to a high above $127 for Brent in April this year following the loss of almost all Libya’s roughly 1.6 million barrels per day (bpd) of production.

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