A US recession would be fatal

Fears that the global economy could be on the precipice of a sharp slow-down spread overnight, as the oil price pushed perilously close to the level considered to be the recessionary trigger-point. The price of Brent crude broke through $US119 a barrel, as traders worried that escalating tensions in the Middle East would disrupt global supplies. However, reports that Saudi Arabia might be prepared to boost oil production to compensate for any disruption to Libyan supplies pushed oil prices back to around $112 a barrel. Many analysts estimate that a global recession will be triggered if the oil price remains...