From Fazle Rashid

NEW YORK, July 6: Doubling of oil price since the beginning of the year despite an exceptionally weak economy, could jeopardise the recovery of the global economy, the New York Times (NYT) in a report said today. The oil price has recorded a 55 per cent rise since the beginning of the year to $70 a barrel from $33 a barrel in December. There has already been a 10 per cent rise in the price of fuel both in India and China.

For the global airline industry the latest price surge in oil is certain to translate into more losses this year. The airline industry will post a loss of $9.0 billion this year. The loss in the previous year was estimated at $10.4 billion. Organisation of Petroleum Exporting Countries (OPEC) has declared it would be happy with the oil price stagnating at $75 a barrel.