Campbell warns of recession

An oil expert warned yesterday falling oil reserves could trigger a major global economic recession in the longer term.

The warning came as the global economy faced into an uncertain winter. Markets fear prices are likely to rise again as shortage drives up demand.

Crude oil futures rose in Tokyo on expectations cold weather will increase demand for heating fuel while oil prices in New York have risen 2.7% this week as colder weather hit the US and Europe.
Experts warned colder snaps wold push prices higher in the weeks ahead.

Brent crude oil futures in London rose as much as 24 cents, or 0.4% yesterday to $56.45 (