petro matrix: Now after Tuesday's high a leading analyst has said that if prices climbed to 100 a level not seen since September 2014 growth in oil demand would be annihilated and demand would fall sharply, according to The Guardian. Moreover, Petro Matrix said, emerging economies' growth could suffer because of steep crude prices causing inflationary pressures that lead to interest rate rises. Some market watchers have predicted prices between 90 and 100 by the year's end after Opec last weekend rebuffed Donald Trump's demands for the oil cartel to rein in prices by expanding production. Those countries could also be forced to cut oil taxes, widening budget deficits. The price of Brent crude, the international benchmark, has crept up in the past week as it became clear that major oil producers were not planning to increase output. Any slowing in emerging markets would add to the recent economic challenges facing countries including Turkey and Argentina.
(news.financializer.com). As
reported in the news.
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