Posted on: 11th December 2014 in News
Brent crude oil price falls to 5-year low Both WTI and Brent are currently trading at their lowest since 2009. Brent crude oil price has fallen below 64 dollars per barrel, more than 35% in less than 3 months (it was above 100 as recently as September). Continued weakness in some of the world’s major economic centres (like Europe and Japan) and slowing growth in others (like China) have been key factors, as well as the unwillingness of the OPEC to respond by cutting production. Low oil prices can help with GDP growth and inflation The vast majority of European countries are net oil importers. It is widely believed that low oil prices are beneficial for the importing economy because crude oil is an essential input to a wide range of industries and products – not only the fuel in our cars but also phones, computers, clothes, cosmetics and medicine. By making these products cheaper to produce, low oil prices can help increase economic output (higher GDP growth) and limit the general price level in the economy (lower inflation). Unfortunately, under the current macroeconomic and social circumstances in Europe, these benefits might not matter that much.We have 18 offices across the globe and we manage over $2billion for our 20,000+ clients
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