Recession fears lead to drop in oil price

There may be a silver lining in the dreaded double dip recession as the price of crude oil fell to a three-month low on fears that a renewed recession will hit demand.

Speaking at the New Energy Era forum in Skibbereen, Co Cork, yesterday, petrologist Colin Campbell said the further oil spikes could trigger a fresh recession.

Mr Campbell was speaking as oil fell to a three-month low of $97.94 a barrel.