Michelin says can weather sustained oil price rise

Newswire

PARIS, Sept 24 (Reuters) - The chief of Europe's biggest tyremaker Michelin said on Tuesday that his company was well placed to weather the effects of a war in the Gulf and any subsequent increase in spot oil prices. A sustained rise in the value of crude due to a conflict in the Gulf region would raise the cost of making synthetic rubber, a key component in tyres. Michelin would also suffer from a drop in demand for new cars brought on by prolonged high oil prices. On Tuesday, Managing ...

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