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Oil, refinery
Oil prices more to blame for global slowdown
Toronto: The 500 per cent hike in oil prices since 2002, which resulted in massive money transfer to oil-producing nations, is much more to blame for the looming global recession than the US sub-prime mortgage crisis, says a banking report here. The report "Just how big is Cleveland?" by Canadian Imperial Bank of Commerce (CIBC) on Monday warned that falling property prices in US inner-cities like