Oil Price: it's clear that demand has suffered as feared!
The price of crude oil that fell below $90 for the first time in months, struggles to recover the lost ground in the presence of plethora of bad economic news. As of 10:50 GMT, the prices of WTI and Brent were at $89.98 and $95.61 respectively; the price of LNG, liquified natural gas, was $7.90. Of course, the fear of recessions is no longer in the hypothetical realm; it is real: both the US and UK are officially in recession and the other major economies are not very far from the event horizon of the economic blackhole. The Chinese economy, the world's second largest, for instance, suddenly saw its manufacturing PMI - a key indicator that shows its manufacturing activity - falling down back to 49 in July from 50.2 in June; the very index alarmingly fell down to 47.4 in April, before recovering and reaching above 50, before suffering a drop again in July. With China in conflict with the West and its own immediate neighbors, it may not be easy for China to reach its true potentia
