THE SENSE of pessimism that hung over the world economy early this year has begun to lift in recent weeks. Trade flows are picking up in Asia, America's retail sales have been strong, and even Europe's beleaguered manufacturing industry has shown flickers of life. But it would not take much bad news to reinstate the gloom. One threat is that oil prices continue their upward march—on April 23rd the price of a barrel of Brent crude exceeded $74, the highest level for nearly six months. Though the dynamics of the oil market have changed over the past decade, dearer oil still acts as a drag on global growth.
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