Azerbaijan, Baku, Feb. 24 / Trend /
U.S. Treasury Secretary Timothy F. Geithner said the economic recovery has put the world on a better footing to withstand the increase in oil prices caused by turmoil in the Middle East, Bloomberg reported.
"The economy is in a much stronger position to handle" rising oil prices, Geithner said today during a Bloomberg breakfast in Washington. "Central banks have a lot of experience in managing these things."
Geithner also said the U.S. financial system is in better shape than before the recession and is able to provide the funding needed for the expansion.
"The core of the American financial system is in a much stronger position than it was before the crisis," he said. "We're way ahead of any other major economy."
Oil prices rose for a fifth day, approaching $100 a barrel in New York, as Libya's uprising threatened to disrupt crude exports. Libyan leader Muammar Qaddafi vowed yesterday to keep fighting the rebellion with a crackdown that Human Rights Watch says has left almost 300 people dead.