UBS warns there could be an oil price spike to $100 that triggers a US recession
Oil prices have broken out of a "sweet spot" for global economic growth and could herald a U.S. recession if they keep rising, UBS warns. The Swiss investment bank on Tuesday joined a chorus of financial institutions in pondering the economic impact of oil prices at $100 a barrel. Crude futures are trading near their highest levels in 3½ years, bolstered by strong demand, supply cuts from big producers, and mounting geopolitical tension in the Middle East and Venezuela.
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