HOUSTON: Crude oil prices above US$90 a barrel in the United States stirred worries that inflation could rise further in an economy where the Federal Reserve has already hiked interest rates steeply to control rising prices.
Higher oil prices are a burden on global economies, raising costs for transportation and manufacturing while pressuring consumer spending. President Joe Biden's administration last week polled oil refiners about operating plans, a sign of concern about gasoline prices and fuel supplies.
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