Almunia Warns on Rise of Oil Prices
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Persistently high oil prices may force the European Union's head office to lower its forecast of 2.2 percent economic growth in the euro zone next year, EU Commissioner Joaquin Almunia said Wednesday.
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Recovery in the eurozone is battling higher oil prices and a rising euro as monetary union has so far failed to spur sustained economic dynamism in the 12 nations using the single European currency, the OECD revealed.
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OIL futures prices rose in Europe today amid concerns about heating oil supplies at the beginning of the Northern Hemisphere winter.
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Oil prices above $50 a barrel - and rising - are now starting to adversely affect the economy and consumers in ways that had not been happening only a few months ago.
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World oil prices are on the rise, as Hurricane Ivan threatens to disrupt oil flow in the Gulf of Mexico.
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Europe's fragile recovery is being held back by the surge in world oil prices, which is limiting growth and threatening to stop key eurozone economies from restoring order to their public finances, analysts say.
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&quot;The sharp rise in oil prices has contributed to the weakening of the expansion in recent months, and will likely continue to do so for several quarters,&quot; the IMF report said.
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European equity markets were expected to open higher on Wednesday after blue chips in the US posted their biggest daily gains in four months, however, caution is expected as oil prices turned higher.
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Ministers of the Organisation of Petroleum Exporting Countries expect oil prices to rise this week as they plan to demonstrate that they are serious about implementing
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Oil prices jumped nearly 4 percent  Thursday after the International Energy Agency warned that  greater-than-expected demand and disappointing world production  growth could strain world supplies.
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Business & money: Â·  Warning that oil could hit $95 a barrel by end of year Â·  UK inflation outlook may force sixth bank rate rise
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Oil futures have jumped to their highest closing on record on the New York Mercantile Exchange, rising 76 US cents to $US49.64 dollars a barrel, as unrest in Nigeria and Saudi Arabia alarmed traders.
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As record high prices raise concerns about future supplies of oil, the International Energy Agency, in a new report, stressed the need for oil-producing countries and international
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PRAGUE- Growing oil prices on world markets will pull up prices of fuels in the Czech Republic, raising thus domestic inflation, and negative impact on economic growth as well as lower investments of companies ...
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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Germany's economy could be seriously damaged by further increases in oil prices, the central Bundesbank said Monday.
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Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq and Nigeria.    Homeowners and energy-intensive industries could feel the sting from high oil prices worsen as seasonal demand picks up this winter, and there is already evidence that the supply disruptions caused by Hurricane Ivan are making it more costly to drive...