World economic growth is accelerating. GDP is projected to grow at 3.9pc this year and next, a 0.2 percentage point increase on 2017, the IMF’s latest update to its World Economic Outlook (WEO) report shows. The long-awaited recovery from the financial crisis of 2008-09 is well under way and is dragging oil demand rapidly higher, helping to push crude above $70/bl. The oil market is becoming demand-led, fuelled by industrial and manufacturing growth. Such markets can bear higher prices fairly well, but not forever, and not without consequences for the longer-term preservation of demand.
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