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STOCK markets across the world were dealt another setback when fears of war between US and Iraq were compounded by news yesterday that the US economy grew at 0.7% in the final quarter of last year, its slowest growth rate since the third quarter of 2000.
A SHARP fall in America#039;s crude oil stockpile to its lowest level since October 1975 sent the price of US light crude to a 28-month high of US$36.20 a barrel yesterday.
Stock Market Signals: A weekly column by G.M. Teoh on the performance of the KLSE's Main Board.
FEARS that an attack on Iraq is inevitable coupled with record low oil stocks in the United States have pushed crude oil prices to near 12-year highs. US sweet light crude reached US$38.34 per barrel in early trading yesterday, its highest level since the 1991 Gulf War and less than US$3 shy of the record US$41.15 price seen in October 1990, a month after Iraq#146;s surprise invasion of Kuwait.
RISING fears of imminent war against Iraq sparked selling in global stock markets yesterday, with many indices touching fresh lows.