Almunia Warns on Rise of Oil Prices
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Persistently high oil prices may force the European Union's head office to lower its forecast of 2.2 percent economic growth in the euro zone next year, EU Commissioner Joaquin Almunia said Wednesday.
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Oil futures prices rose in Europe on Friday amid concerns about heating oil supplies at the beginning of the Northern Hemisphere winter.
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BRUSSELS: The European Commission will revise downwards its 2005 economic growth forecast because of soaring oil prices, Economic and Monetary Affairs Commissioner Joaquin Almunia said on Wednesday.
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Oil prices keep climbing but for the moment the economists are sticking to the line that the global and Australian economies will weather the storm.
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The European Commission expressed concern on Friday about higher-than-expected November inflation in the euro zone, calling on governments, unions and companies to cooperate in curbing price growth.
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Oil prices soared on Thursday after the  International Energy Agency warned that faster-than-expected  demand and disappointing world supply growth threatened to keep  the strain on world supplies.
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Higher crude prices raise gasoline costs, increasing inflation, and lowering crude prices.
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The sharp rise in oil prices which recently creeps towards $60 per barrel has put many energy industries and those reliant on energy on the edge for fear of the adverse affects of escalating prices.
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The price of plane tickets is about to rise as travellers are forced to pay for the soaring cost of oil.
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WASHINGTON -- High oil prices, a factor in virtually all US recessions over the past three decades, are surging again this year. And the higher crude oil prices climb, the more risk energy costs pose to what, until recently, many expected to be a banner year for the US economy.
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The price of crude oil climbed in European trading Monday, edging back over $43 per barrel on fears that the producer cartel OPEC may cut production to stem a recent price drop.
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Oil prices above $50 a barrel â-nd rising â - now starting to adversely affect the economy and consumers in ways that had not been happening only a few months ago.
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Crude oil surpassed $50 a barrel for the first time and analysts said Tuesday that prices could keep rising because of a sharp rise in global demand, tight supplies and threats to output in petroleum-producing nations such as Iraq and Nigeria.    Homeowners and energy-intensive industries could feel the sting from high oil prices worsen as seasonal demand picks up this winter, and there is already evidence that the supply disruptions caused by Hurricane Ivan are making it more costly to drive...
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Oil was trading higher on Monday after a  weekend of worsening conflict between Israel and Hizbollah  guerrillas, leaving traders nervous the violence could escalate  and spread across the oil-producing Middle East.
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Saudi Arabia says it will raise oil production in an effort to bring down prices that have soared to more than $50 a barrel. Saudi Oil Minister Ali al-Naimi said Tuesday that the kingdom will step up its daily
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Recovery in the eurozone is battling higher oil prices and a rising euro as monetary union has so far failed to spur sustained economic dynamism in the 12 nations using the single European currency, the OECD revealed.
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World crude prices have risen amid fears that supplies from the oil-rich Gulf of Mexico could be disrupted by Hurricane Ivan. Energy companies have evacuated thousands of offshore workers and shut down some production in the region.