Oil price: short-lived boost ended with gloomy economic forecasts
The short-lived boost enjoyed by the oil markets, thanks to the significant crude draw announced by the EIA, US Energy Information Administration, this week lost its spark on Thursday as the gloomy economic news grabbed the headlines - once again. Jeremy Hunt, the Chancellor of Exchequer of the UK, for instance, did not mince his words when he depicted the state of the economy in the UK in his Autumn Statement: he admitted that the UK was already in recession and it could shrink even further; in response, there was a significant drop in the price of oil, as shown above in the animation. It is not just the UK that is caught up in economic headwinds; in the US, the technology sector has been in the news for the past couple of weeks, reflecting the precarious situation faced by it, something that had already trigged off the unprecedented mass layoffs. The war in Ukraine and political discords involving key global players, meanwhile, do not create a conducive atmosphere to stem the tid
