Showing posts from November 5, 2023

Oil prices: substantial fall attributed to the economic woes, not the wars

  Oil prices in November: Impact of Iranian and Venezuelan Contributions  The price of crude oil dramatically declined this week despite the anxieties over the potential  disruptions of the flow of the commodity from the Middle East. The fall in price came about as most economic indicators paint a gloomy outlook across the world: In October, for instance, China's Manufacturing PMI recorded an unusual decline, to be followed by China's honest admission that its manufacturing sector had shrunk; since China is the world's second biggest consumer of crude oil, the development is significand and oil investors react to it while exercising caution when it came to investing their money. China's Manufacturing PMI - October China is not the only country that feels the economic woes; the European Union and even Japan are in the same predicament; Japan, for instance, without its own oil reserves, is the fourth largest oil importer in the world. Manufacturing PMI in Eurozone and Jap

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