Oil prices spark economic growth concerns

Crude oil prices on Monday hit their highest levels since last September, increasing global concerns that rising prices could threaten economic recoveries worldwide, CNNMoney is reporting.
 
Continued instability in Iraq is blamed for the spike in oil prices. Islamist militants, mostly with the Islamist State in Iraq and Syria, have been taking control of many cities in the beleaguered country.
 
The jump in prices is seen to threaten mostly European countries, whose economies are still fragile after the global economic crisis.

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