High energy prices are set to shave about 0.8% off global economic growth this year, The Daily Telegraph cites International Energy Agency chief economist Fatih Birol.
That forecast is based on an average price of $50 per barrel of oil in New York over 2005, but so far the average is closer to $53, the paper writes. Market prices are being pushed up by concerns over Iran’s nuclear energy programme and possible military action by the US, while Venezuela’s president Hugo Chavez has again threatened to stop exporting oil to the US in retaliation to what he says is political interference. BRITAIN’S HOUSING MARKET cycle may have bottomed out, according to latest figures from the Royal Institute of Chartered Surveyors, reports The Guardian Sales are st...
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