Fears for global recovery as oil hits $120 mark

``Prices at such a high level for one to two quarters will start to impact growth, she said, adding: "If you look back to the 1970s that's when Europe moved to gas and away from oil."... the fear is that the climbing price of crude could accelerate inflation, which is already double the Monetary Policy Committee's 2pc target at 4pc, resulting in dampened growth. HSBC has cut its growth forecasts for the UK from 1.7pc this year and 1.8pc next to 1.4pc and 1.6pc due to higher commodity prices. ''