The $10 decline in the price of a barrel of Brent since early February reflects the faltering in the world economy and, most recently, the fresh worries about the euro-zone triggered by the crisis in Cyprus. But at around $110, Brent is still well above the $100 level which has tended to see global manufacturing stall. What’s more, oil prices would have to fall a lot further to offset the drag from fiscal tightening.
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