Little "destruction" to economies from $100 oil - IEA

MOSCOW Wed Feb 2, 2011 6:32am EST

A man poses with a pump at a Budapest petrol station January 19, 2011. Crude oil prices of $100 will cause little destruction to the world economy despite a boost to inflation, especially in Europe, which could drag on recovery, IEA Chief Economist Fatih Birol told Reuters Insider. REUTERS/Bernadett Szabo

A man poses with a pump at a Budapest petrol station January 19, 2011. Crude oil prices of $100 will cause little destruction to the world economy despite a boost to inflation, especially in Europe, which could drag on recovery, IEA Chief Economist Fatih Birol told Reuters Insider.

Credit: Reuters/Bernadett Szabo

MOSCOW (Reuters) - Crude oil prices of $100 will cause little destruction to the world economy despite a boost to inflation, especially in Europe, which could drag on recovery, IEA Chief Economist Fatih Birol told Reuters Insider.

"I don't see much destruction to the world economy from the current high oil prices," Birol said in an interview on Wednesday.

"I hope the oil prices will be lower than the current three digits by the year-end."

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