The price of oil is telling use something worrying about the global economy.
The price of oil is telling us something worrying about the global economy.
Despite recently announced production cuts by OPEC+ (The Organization of Petroleum Exporting Countries plus Russia), Brent crude oil prices continue to decline.
It’s a sign that global growth is slowing, increasing the risk of a worldwide recession.
A barrel of Brent crude oil recently fetched $78, down from $86 at the end of last year, according to data collated by Trading Economics. It was as high as $121 last June.
The price of oil get determined by demand and supply. When supply is reduced, as happened recently via OPEC+, then observers would expect the price to rise.
