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IEA Head: Concerned Oil Price Spike May Hit Economic RecoveryLONDON -(Dow Jones)- Prospects for global economic recovery may be damaged if oil prices rise too quickly, the head of the International Energy Agency said Monday. "We're concerned that a rapid increase in oil prices may have a negative effect on the economic recovery," Nobuo Tanaka said on the sidelines of a Chatham House industry conference in London. At 0837 GMT, the front-month July Brent contract on London's ICE futures exchange was up $1.96 at $67.48 a barrel, a seven-month high. -By Selina Williams, Dow Jones Newswires; +44 207 842 9262; selina.williams@ dowjones.com (END) Dow Jones Newswires 06-01-090502ET Copyright (c) 2009 Dow Jones & Company, Inc. |
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