A member from the oil police force stands guard at Zubair oilfield in Basra, southeast of Baghdad June 18, 2014. REUTERS/ Essam Al-Sudani
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LONDON: The global economy faces a new threat from an old enemy: oil. A spike in the price of crude foreshadowed economic slumps in each of the last four decades and economists are worrying anew after Brent touched its highest price in nine months above $113 a barrel amid fresh violence in Iraq, OPEC's second-biggest producer. The rule of thumb favored by many economists is that every $10 increase in the price of a barrel of oil ends up cutting global growth by about 0.2 percentage point.
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