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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Wednesday 9th July 2008
News that Iran has been testing a long range missile with the capability to hit Israel has sent the price of oil a little higher after falling $10 over the last few days. Its seems as though the current price is balanced on a knife edge with buyers conscious of the problems between Iran and Israel and sellers monitoring the falling demand for oil as economies around the world continue to slow. News that the US oil reserves fell by 3 million barrels more than expected also gives the impression that the US authorities are averse to piling into the market at the moment.
While the price of oil has fallen from a recent high of $145 to the current $135, governments around the world may not be out of the woods yet. Posturing by the likes of Iran and Israel has increased tensions n the area and it would only take one rogue missile to light the blue touch paper. If there were an escalation in troubles in the Middle East this would have very serious consequences for the flow of oil from the region. Less oil would probably see the price squeezed considerably higher. |
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