The world economy cannot sustain any further rise in the oil price, the International Energy Agency's chief economist warned as oil prices rose toward a record high for the year. Fatih Birol told the Financial Times that prices higher than about $70 could dampen a world economic recovery."If we go one step further, if we see prices go much higher than that, we may see it slow down and strangle economic recovery," he said of oil prices on Friday, when the European benchmark was around $70.European oil on Monday reached a high for the year of $73.75, spurred by manufacturing data from China and construction data from the US.
Fatih Birol told the Financial Times that prices higher than about $70 could dampen a world economic recovery.
"If we go one step further, if we see prices go much higher than that, we may see it slow down and strangle economic recovery," he said of oil prices on Friday, when the European benchmark was around $70.
European oil on Monday reached a high for the year of $73.75, spurred by manufacturing data from China and construction data from the US.
