Oil analysts count cost of recession on crude prices
The recent fall in global oil benchmark prices did not surprise everyone in the market, but the speed and extent of the fall was not widely anticipated.
Brent crude oil spot prices fell from highs of more than $120 a barrel last April to settle at lows of $102 a barrel this week and West Texas Intermediate (WTI) crude oil dropped from around $114 a barrel to as low as $79 a barrel over the same period. While analysts do not anticipate a repeat of the 2008/09 cycle, when prices fell from $147 a
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