Post by News Update on Jun 10, 2009 8:02:11 GMT 3
$70 oil menaces budding recovery
NEW YORK (CNNMoney.com) -- Two weeks change a lot in the oil markets.
At the end of May CNNMoney.com ran a story asking if $60 oil will kill any economic recovery. 'No," most analysts said - consumers could shoulder $60 crude, and analysts didn't see prices going much higher.
Now oil is touching $70 a barrel. Goldman Sachs recently said it sees crude at $85 by the year's end. With the economy still on life support, oil is drifting dangerously close to being the wet blanket at the recovery's party.
money.cnn.com/2009/06/09/news/economy/oil_prices/index.htm?cnn=yes&eref=edition_business
NEW YORK (CNNMoney.com) -- Two weeks change a lot in the oil markets.
At the end of May CNNMoney.com ran a story asking if $60 oil will kill any economic recovery. 'No," most analysts said - consumers could shoulder $60 crude, and analysts didn't see prices going much higher.
Now oil is touching $70 a barrel. Goldman Sachs recently said it sees crude at $85 by the year's end. With the economy still on life support, oil is drifting dangerously close to being the wet blanket at the recovery's party.
money.cnn.com/2009/06/09/news/economy/oil_prices/index.htm?cnn=yes&eref=edition_business