Oil crisis puts brake on Europe's recovery
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Europe's fragile recovery is being held back by the surge in world oil prices, which is limiting growth and threatening to stop key eurozone economies from restoring order to their public finances, analysts say.
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BRUSSELS - European economic growth slowed sharply in the third quarter due to the strength of the euro and high oil prices, casting a pall over the prospects for the eurozone in the quarters ahead.
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Soaring oil prices have dealt a blow to global economic growth in recent months, but fatter corporate profits and investment should facilitate a rebound in 2005, the OECD said Tuesday.
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BRUSSELS (CP) - Economic recovery among the 12 countries that use the euro common currency remains on track despite the threat of high oil prices, the head of the European Central Bank said Wednesday.
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Economic growth in the 12 nations sharing the euro probably slowed in the third quarter as record oil prices crimped global demand and rising unemployment weighed on consumer spending, a survey of economists ...
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European stock markets fell back in early trading as high-flying oil prices and jitters about upcoming company results undermined investor sentiment.
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THE European Central Bank has followed the Bank of England and kept its interest rates on hold, preferring to give itself more time to assess the effect of soaring oil prices on the inflationary outlook and slow economic recovery.
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A report released in Brussels on Friday showed a slowdown of economic growth in the 12-nation eurozone due to record high oil prices and the euro&#39;s sharp rise against the US dollar.
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European equities were fractionally lower on Wednesday after a lacklustre US session, but losses were capped by a number of positive earnings reports and oil prices dropping back below $69 a barrel.
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BRUSSELS: Record high oil price pose the biggest threat to the global economic recovery, the European Central Bank said yesterday as it left its key interest rate unchanged at 2 per cent.
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Germany&#39;s fragile recovery slowed in the third quarter as exports slipped, with Europe&#39;s biggest economy growing by just 0.1 percent, according to government figures released Thursday that underlined concerns over high oil prices and the strong euro.
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Comment is free: Jeremy Leggett: Oil firms' output is down, yet profits skyrocket. It all points to the crisis predicted by the peakists
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Eurozone figures due out this week will confirm that confidence is slumping due to high oil prices and the rise of the euro, and that inflation is easing, economists said.
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Investor confidence in Germany took an unexpected tumble this month amid growing concern about the negative impact of runaway oil prices and signs the global recovery is already running out of steam, a new poll showed.
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The absolute price of oil has reached a new high. The growth     of the economies in China, India and the rest of Asia are increasing the demand     for oil. There are production problems in Venezuela (strikes and sabotage), Norway (strikes), Nigeria (civil war), Iraq (sabotage) and Russia (internal politics). Hurricane Ivan and other hurricanes this year disrupted     production in the Gulf of Mexico and transportation of oil in the Atlantic.     In the next decade Eastern Europe will also require more oil to feed its growing economies. The price of crude oil has led to     prices of above $55 a barrel and lifted heating oil to a record and     natural gas to a 20-month high. Though prices may eventually fall a bit, they are likely to remain higher than we were once     accustomed.    However, all is not gloom and doom.
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NEW YORK : World oil prices raced to new record highs and then skidded as the Norwegian government announced it would intervene to end industrial strife in the huge oil sector.
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Europe&#39;s main stock markets slid Thursday after the euro struck a record dollar high and oil prices surged above 80 dollars a barrel in New York, threatening company profits.