If the current spike in oil prices was to approach $140 a barrel and stay there, economists warn...

|By:, SA News Editor

If the current spike in oil prices was to approach $140 a barrel and stay there, economists warn that a "mild" recession in Europe could turn into something far worse. "If we were to see a rapid, sudden escalation in the oil price, then for sure it would be a factor that would lead us to be revising down our projections for euro area growth," notes Barclay's Julian Callow.