Oil price: the great stagnation
Oil price stagnation in 2023 Having recorded more than 4% fall on Thursday, the price of oil has slipped back into the realm of stagnation, much to the frustration of traders and of course, beleaguered producers. As of 18:00 GMT on Friday, the prices of WTI and Brent were at $69.16 and $73.85 respectively. Oil price on Friday, 23 June 2023 On Thursday, the Governor of the Bank of England announced a hike in interest rate: it was higher than what was expected and understandably, markets reacted while propagating the negative sentiment across the board; the doom and gloom was palpable in the thin air. In response, the price of oil took a nose dive and remained so as the weekend approached. The rate hike is not just a British issue; it is almost universal: the Federal Reserve in the US, for instance, has been in the same mode for months and yet another rate hike appears to be imminent; the state of health in the world's largest economy keeps the investors on their toes. In the EU
