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The Business: Warning: Oil Will Hit $85 A Barrel This Year.

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'Warning: oil will hit $85 a barrel this year':

http://www.thebusinessonline.co.uk/Stories...1A-3F31D1FF728B

The price of oil will hit $85 (E68.8, £47.6) by the end of the year, threatening an economic slowdown and pushing up the price of petrol at the pumps to more than £1 a litre, economists are warning this weekend.

The surging price will be caused by continuing buoyant demand caused by strong economic growth in Asia and across the world; as well as by rising tensions in Iran, Iraq and Nigeria.

The growing likelihood of a further rise in the price of oil was revealed in a poll by research house Ideaglobal this weekend. The average view was a peak of $85 a barrel this year but at least one respondent said the price of oil could go even higher to reach $90.

[...snip...]

The soaring price of oil has so far not affected the performance of the US economy, which is expected to have grown by a buoyant 4.9% in the first quarter when early official estimates of the figures are released this week.

After adjusting for inflation, the price of oil reached a record of $97.55 in April 1980. But the current surge in the price of oil is also going hand in hand with strong price rises in other commodities and precious metals.

The price of gold bounced back to $635 an ounce in New York on Friday. Strong commodity price increases have fuelled fears of increased price pressures or at least diminishing corporate margins.

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'Warning: oil will hit $85 a barrel this year':

http://www.thebusinessonline.co.uk/Stories...1A-3F31D1FF728B

As the saying goes, ask 3 economists and you get 4 opinions.

Or alternately, an economist is someone who can tell you tomorrow why the prediction they made yesterday didn't happen today.

Why do these people persist in trying to predict the future?

Edited by BandWagon

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Gordon claimed yesterday (whilst abroad as usual) that rising petrol prices could turn out to be a blessing, as it will deter people from driving and therefore help the environment, which tallys with his new image as Mr Green. This from a guy who six months ago was demanding that OPEC pumps more oil to help the world economy. :lol:

What will he be tomorrow?

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Gordon claimed yesterday (whilst abroad as usual) that rising petrol prices could turn out to be a blessing, as it will deter people from driving and therefore help the environment, which tallys with his new image as Mr Green. This from a guy who six months ago was demanding that OPEC pumps more oil to help the world economy. :lol:

What will he be tomorrow?

Unemployed hopefully.

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Unemployed hopefully.

LOL

Its insane to think a few p on petrol stops people. It isn't like there is much alternative. You could go into Manchester from my local station but they regularly half the number of trains on the line every so often (think they blame autumn leaves... )

http://groups.google.co.uk/group/uk.railwa...dcf6f383473ce54

They promised a tram line and that's out the window...

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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