USD 64.3652

+0.14

EUR 70.9305

+0.2

BRENT 59.3

+0.11

AI-92 42.11

+0.01

AI-95 45.88

0

AI-98 51.85

0

Diesel 46.04

+0.1

18

High Oil Prices Sent Major Stock Markets Lower

Energy price rise has outstripped the ability of companies to pass on higher costs to consumers

With oil price rocketing to a record high of above $60, industrial users find that the energy price rise has outstripped the ability of companies to pass on higher costs to consumers.

Major stock markets around the world ended lower last weekend, as oil reached $60 per barrel and leading companies around the world issued a series of profit drop warnings.

Shares in energy-intensive companies such as manufacturing and transport were hardest hit. And even companies that had found ways to pass on the oil price rise to their consumers are finding it harder to do so, Financial Times reported Monday.