Dubai: Consumers worldwide will have to come to terms with a $100 per barrel oil price sooner than expected and adjust their earnings and savings accordingly to cope with it, according to global forecasts.
The oil price crossed $84 a barrel on Friday, on Iraq-Turkey tensions.
Analysts warned the high price is going to take its toll on consumers already feeling the pinch.
Although global oil demand remains virtually unchanged at 85.9 million barrels per day (mb/d) as per current figures to 88mb/d in 2008, the tendency of speculators to push up prices on any pretext needs to be addressed, analysts said.
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