Davos: Oil prices may rise further, warns IEA chief

Oil prices could climb further, increasing the threat to the global economy, the head of the International Energy Agency (IEA) has warned. Speaking in Davos on Monday, Fatih Birol discussed the current challenges facing global oil markets. In an interview with Bloomberg, Birol, who described oil prices as being "very high", said Europe still buys substantial amounts of money from Moscow, despite working on a Russia crude import ban. "They are risky for economic recovery around the world, but especially in the importing countries in the emerging world," he said. "It’s a big risk, together with the food prices being very, very high, and I think that it may well trigger us, the world ... step by step to a recession." Brent crude (BZ=F) rose 1.5% to $114.20 a barrel. US light crude (CL=F) was 1.3% higher to $111.71 at the time of writing. It comes as demand concerns in the world's biggest importer China weigh on the market. Chinese crude demand has weakened in recent months as the country imposed a number of stringent coronavirus lockdowns in an effort to stem the spread of COVID-19. However, Birol warned oil prices could rise further if demand in China picks up....

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