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US oil at new record price again


US oil at new record price again


With winter approaching, there is not enough oil in the storage tanks and so the price of US crude hit a new record of $55.35. While visiting the World Trade Organisation headquarters in Geneva, the head of the International Monetary Fund, Rodrigo Rato, said the risk to world economic growth is growing: “The downside risks derived from the oil prices have increased and since then we have seen an even higher increase of prices.

He added: “We see a clear impact next year in most areas, but we also see other positive forces of growth that in part will compensate for this new oil price.” Brent crude has also been climbing again, up two dollars in two days, and the price has increased by 25% in just weeks and it is now over $51 a barrel. If there is a cold winter in the US, which is heavily dependent on heating oil, or if there are any further disruption to already tight supplies prices will inevitably go higher.
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