A spike in oil prices has been a feature of every subsequent global downturn – until this one. On this occasion, the oil price is a symptom rather than the cause of the problem. In theory, falling oil prices should be good for growth. A falling oil price at the start of the US driving season would normally encourage even more Americans to take to their cars and SUVs. Without Russia’s cooperation, production curbs were not going to work anyway, and Saudi oil is plentiful and cheap to get out of the ground.

Source: The Guardian March 22, 2020 06:56 UTC