Crude oil extended Friday’s gains yesterday, even though Saudi Arabia may increase output. Rising prices of late caught the attention of IMF managing director Largarde who warned that they are “ a new threat that could derail the recovery of the global economy which is not yet out of the danger zone. Financial systems are still fragile, public and private debt is still too high and unemployment still a major problem”. In the face of continued Iranian intransigence though, the market continued to wager on stronger oil prices.
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