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Economic spurt may not give oil use a normal push

07/19/2010
By Bob Tippee
Under normal circumstances, enlarged expectations for a recovering global economy would be good news for oil markets. But what, nowadays, is normal?The International Monetary Fund on July 8 raised its estimate for world economic growth this year to 4.6% from its April projection of 4.2%.In a regular update of its World Economic Outlook, the IMF said growth would be, as usual, irregular. It expects economies to grow by 3.25% in the US, 1% in the euro area, 2.5% in Japan, and 6.75% in developing countries.For 2011, IMF projects a slowing of the global growth rate to 4.3%.The organization also warned of the need for governments to balance economic stimulation with fiscal responsibility.It is...
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