ECB chief economist LANE said oil prices could remain above pre-war levels as
energy firms and governments rebuild inventories, which would sustain upward
pressure on inflation. He noted Brent crude briefly fell to pre-war levels last
week, but demand for restocking may keep prices elevated. LANE added that while
the ECB welcomes lower oil prices, oil may stay above pre-war levels for several
years, imposing persistent cost-push pressure on the economy.
