FTI suggests oil price surge will hit recovery

The Federation of Thai Industries (FTI) is worried global oil prices may soar to US$100 a barrel, threatening to worsen the inflation rate and economic recovery, now struggling against the impact of Covid-19 in Thailand. The country is facing higher food prices, notably for pork, resulting from the supply shock. “The global crude oil prices look likely to approach $100 a barrel and we expect it to reach that level in the third quarter,” said Kriengkrai Thiennukul, vice-chairman of the FTI. The FTI’s concern stems from Goldman Sachs which has forecast that global oil prices may hit a new record…

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