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Oil rips through $US50
29 Sep 2004
Crude oil prices have soared through the $US50 a barrel barrier, leading to forecasts that higher diesel and petrol prices will be with us for months. Shane Oliver, chief economist of AMP Capital Investors said if crude prices were sustained at yesterday's level world economic growth could be expected to decline by around one per cent and international inflation could increase by as much as 1.5 per cent. Oliver said economic growth in Australia could be cut by around 0.5 per cent if crude oil prices remained at close to $US20 a barrel higher than last year's average of $US31.50.
The Australian, 29/09/04
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