dailies-editorials (2)Soaring oil pricesConcerns grow over resurgence of inflationary pressureOil prices are picking up steam, stoking fears of plunging global economies into a whirlpool again. The recent spike in crude prices has mainly been initiated by Saudi Arabia and Russia, the second and third largest oil producers, respectively. They have decided to prolong their previous plans to curtail oil production until the end of this year. Alarmed by the unexpected announcement, international oil prices, including Brent crude oil, broke $90 a barrel, Friday.

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