Real concern over oil price - papers 28 June

The Bank for International Settlements, which acts as a bank for central banks, has warned not only that it expects current price levels to remain for longer, but also that any additional rises may have consequences that are “more severe” than currently anticipated. The Times notes that the BIS also sees central banks avoiding the mistakes associated with previous oil price shocks. Also, it sees less dependence on oil among developed countries, as well as less pricing power among oil companies thanks to competition and globalisation. The Daily Telegraph says the UK faces a particular ...