While high oil prices in the US could restrain consumer spending and economic growth, the majority o...
While high oil prices in the US could restrain consumer spending and economic growth, the majority of fund managers do not believe the price will go much higher. In the first 10 days of April, oil prices on the New York Mercantile exchange averaged $26.68 a barrel, up 9.2% from the average $24.44 a barrel in March. Furthermore the cost of imported petroleum climbed 15.7% in March, the biggest increase since a 20.5% surge in April 1999. Mark Barnett, fund manager at Invesco Perpetual, says: 'It is not great news if oil prices stay high in the US. There has been a high inflation knock...
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