An Indian worker hands over a receipt to a customer after filling his car at a petrol station in New Delhi, India, Thursday, Oct. 16, 2014. (AP Photo/Altaf Qadri)
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The lowest oil price in four years will provide stimulus of as much as $1.1 trillion to global economies by lowering the cost of fuels and other commodities, according to Citigroup Inc. Brent, the world's most active crude contract, closed at $83.78 a barrel in London Thursday.Savings will climb to $1.1 trillion annually as the slide cuts costs of other commodities, leaving consumers and companies with extra cash to spend and bolstering growth, according to Ed Morse, the bank's head of global commodities research in New York."Cheaper oil is an advantage for both consumers as well as industrial and manufacturing operations, especially as winter approaches," Myrto Sokou, an analyst at Sucden Financial Ltd. in London, said by email Thursday.As lower energy prices help reduce commodity costs, they can push down the inflation rate. Consumer prices globally will increase by 2.47 percent in 2014, about the same as last year, the forecasts show.
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