Brown calls for plans to limit oil prices

Brown calls for plans to limit oil prices

22 June 2009

UK prime minister Gordon Brown has called for international action to help tackle the rising price of crude oil and ensure it does not derail the country's economic recovery.

According to the Guardian, Mr Brown believes that the G20 meeting in London earlier this year did not do enough to help stabilise oil prices, which had reached lows of less than $35 (£21.32) a barrel in January.

The prime minister is now said to be concerned that the recent oil price rally could hamper any potential economic recovery, with values having topped the $70 a barrel mark in the past few weeks.

Mr Brown believes that such a price is not justified by the weakness of the world economy and sees international action as the most effective way to bring the market back down to a fairer level.

The plans could see Whitehall officials hand responsibility for monitoring oil prices to the International Monetary Fund and are likely to come as welcome news for home heating oil customers.

However, Opec's Angolan president Jose Botelho de Vasconcelos told Reuters last week that an oil price of around $70 is "positive" for the global economy.

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