The Oil price is too high to sustain a continued worldwide economic Recovery. That is my considered opinion, based on the dynamics of the price that led to the longest recession, from which the world is just about emerging, yet not fully though.
Today the price was about $125 a barrel for Brent Ice, and $104 for Nymex.
In my opinion, Recovery can only continue in any sustained way if the price respectively were $100 and $85 or lower.
Recently the Saudi Oil Minister was quoted as saying there was no rational reason for the oil price being so high. Sheikh Al-Naimi's view was that the Oil price has been high by as much as 5 percent for the last three months.
I have written a piece earlier today on this theme, Dublin...Welcome...
You may be interested to read that.