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Can global oil markets still rely on China?
The Israel-Palestine war came following the heels of the biggest shock to commodity markets since the 1970s- Russia’s invasion of Ukraine. Since 7 October, when the war began, oil prices have responded in tandem to the fear of a protracted conflict in the Middle East. In its latest Commodity Markets Outlook Report, the World Bank cautioned that oil prices could surge to $157 per barrel should the conflict expand beyond the borders. In this scenario, “the global economy would face a dual energy shock for the first time in decades”, said Indermeet Gill, chief economist of the World Bank. Against this geopolitical ... (full story)
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- Posted: Nov 21, 2023 3:04am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 256
