IMF Warns on Sustained High Oil Prices

"Crude oil shipments from Libya are at a virtual standstill."

The head of the International Monetary Fund warned on Monday that global economic growth could suffer if the price of oil stays at its current high level for an extended period.

Oil prices jumped toward $120 a barrel last week for the first time since 2008 as a revolt against Libyan leader Muammar Gaddafi has hit crude exports from the country, which is the world's 12th largest producer.

"I am concerned," said IMF Chief Dominique Strauss-Kahn, during a visit to Panama. "The hike to something, which is between $110 and $120 a barrel, is something which may affect [growth] if it lasts too long."

At the same time, Strauss-Kahn said oil prices were not likely hitting growth yet. "We are not there today," he said.

Oil prices have eased in recent days, partly because top world exporter Saudi Arabia has promised to meet any shortages.

Crude oil shipments from Libya are at a virtual standstill, shipping sources said on Monday.

Gaddafi's forces have been trying for days to push back a revolt that has won over large parts of the military, ended his control over eastern Libya and is holding the government at bay in western cities near Tripoli.

Production Increasing at Peruvian Mine for Vancouver Silver Explorer
Source: Streetwise Reports (04/26/2024)

Silver X Mining Corp. continues to see an increase in production at its Nueva Recuperada district-scale property in Peru since its pivotal restart last September. Find out why one expert says the time is right for silver stocks.

Clean Tech Co. Set To Benefit From 'Forever Chemical' Crackdown
Source: Streetwise Reports (04/26/2024)

As the U.S. federal government continues to crackdown on so-called "forever chemicals," one company said its technology could help localities comply with the regulations. One technical analyst is predicting a breakout in the company's stock.

Pharma's Promising Path in COPD Treatment
Source: Streetwise Reports (04/26/2024)

As Verona Pharma releases more news surrounding its COPD treatments, analysts are taking notice. Read to see what Verona is doing in the pharmaceutical space and what three analysts have to say about this company's stock.

Explorer Looks to Have 'Key Year' as Copper Prices Break Out
Source: Streetwise Reports (04/26/2024)

Copper and gold explorer Vortex Metals Inc. believes that 2024 will be a "key year" for the company. Find out why two experts agree the stock is attractive as the red metal starts to jump.

Silver-Gold Co. Announces Drilling Plans for Massive BC Project
Source: Streetwise Reports (04/25/2024)

Dolly Varden Silver Co. announces its plans for its 2024 drilling program at its 100%-owned Kitsault Valley project in British Columbia's Golden Triangle. Read to see why one newsletter writer says the stock is a "core silver holding for us."