Oil prices have surged around the world in recent weeks, which will lead to even higher inflation, according to industry experts.
“Rising oil prices have been one of the biggest drivers of inflation,” PVM Oil Associates senior analyst Stephen Brennock said Tuesday, according to CNBC. “And a worsening inflationary situation will act as a drag on the fragile economic recovery and oil consumption. This brings us neatly onto the issue of demand destruction.”
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