Oil is heading for a bear market – again
From John Stepek, across the river from the City
John Stepek Dear Reader,
The oil price is heading into bear market territory again.
Both key benchmarks – WTI (West Texas Intermediate – the US benchmark) and Brent crude – are down by nearly 20% from the highs they set in June.
Now, you won’t catch me complaining about falling oil prices. I prefer petrol prices to go down or at least stay flat, rather than rise.
But it’s worth noting that the market as a whole has seemed rather more comfortable with stable, rather than falling oil prices.
So it’s worth asking what sort of knock-on effect a fresh oil crash might have…
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