Trichet: oil prices won’t hit growth

SOARING oil prices will not damage EU recovery the European Central Bank President Jean-Claude Trichet said yesterday.

Thu, 26 Aug, 2004 - 01:00
Brian O'Mahony, Chief Business Correspondent

However a report by Davy Stockbrokers warned that oil prices will stay well above normal levels for the next two years.

Davy expects oil prices to stay at $40 per barrel (pb) next year, dipping marginally to $37 in 2006.

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