Fifty or hundred Dollar oil: which is next?
2 May 2019 | by Tom Traill
At the start of the year, the dawning realisation that the global economy was not plunging into recession sparked a relief rally in crude oil prices. The demand destruction scenario, beloved of the deflationists, has not materialised. Our obstinate attachment to premium-grade fossil fuels is unshaken. The 40 per cent increase in WTI is the more remarkable for the coincidence of a strong US Dollar. Which is next: a relapse to US$50/bl or an extended rally to the 2011-14 benchmark of US$100/bl?...Read more