Oil price over $148/barrel risks double-dip recession: S&P

Standard & Poor's Ratings Services believes crude oil prices over $148 a barrel could cause global panic and risk a double-dip economic recession, said its global chief economist David Wyss.

March 16, 2011 / 12:20 IST

Standard & Poor's Ratings Services believes crude oil prices over USD 148 a barrel could cause global panic and risk a double-dip economic recession, said its global chief economist David Wyss.

Brent crude oil futures fell 75 cents to USD 107.77 a barrel on Wednesday, a three-week low, as the Japanese crisis offset increasing tensions in Bahrain. US crude slid nearly 70 cents to USD 96.53.

Prices reached almost USD 120 on February 24 as violence escalated in Libya, disrupting oil output.

first published: Mar 16, 2011 09:47 am

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