30 Nov '14, 3pm

The fall in the oil price is the biggest thing to happen for six months: Hamish McRae The Independent 30 Novem...

Hamish McRae The Independent 30 November 2014 Every swing in commodity values has winners and losers, but here there are many more winners The fall in the oil price is big. It is big in terms of the raw numbers, a decline on the Brent reference price from above $115 (£74) a barrel as recently as June, to below $73 on Friday. We are starting to see that feed through to heating oil and the price at the pumps. But more important is the impact it has on the world economy. This is the biggest single thing that has happened in the past six months – and it comes in the nick of time, making the recovery in the developed world much more secure. Whenever there is a big swing in prices there are winners and losers, but the winners far outnumber the losers. The basic point here is that high energy prices are like a tax on global growth. The oil price affects all energy prices and the ...

Full article: http://blog.limkitsiang.com/2014/11/30/the-fall-in-the-oi...

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