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As crude oil prices yesterday resumed their upward surge #8211; touching US$41.35 per barrel for US light crude and US$38.25 for Brent crude in early London trade #8211; concern is rife that the world might be headed towards another oil shock that could set the global economy into a tailspin.
Crude oil prices, on an uptrend for over a year, are now increasingly being felt in higher prices for goods as transport and freight charges rise. Economists also fear they could slow the growth of the world economy. In a series of articles beginning today, I>StarBiz/Iexamines their impact on the economy and the business sectors most affected.
THE Kuala Lumpur Composite Index (KLCI) managed to regain some lost ground yesterday as bargain hunters emerged to take advantage of the market's oversold position that had resulted from four consecutive days of falls.