WEF: Oil price spikes remain top 10 risk for 2010
Oil price spikes remain one of the World Economic Forum's (WEF) top 10 economic risks for 2010, with the risk-rating moving up to medium risk from low risk in 2009.
At a press briefing for WEF's Global Risks 2010 report, representatives, which include major leaders in the risk management community, revealed how a spike in the oil price has increased its likelihood of becoming "severe", as it is tied in to the rate of global economic growth.
"The spike in oil prices will see no relief in 2010," said Daniel Hofmann, group chief economist of Zurich Financial Services.
The report also warned that energy companies, which faced significant challenges as a result
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