- Did the oil consumption in the world reduce by half over the previous 4 months?
- Did the world’s population replace half its energy needs by using alternative sources over the last 4 months?
- Did the oil producing countries extract 2 times more output in the past 4 months?
- Did someone or some country release its huge oil inventory in the market over the past 4 months?
By: Level13
Around 4 months ago, crude oil price was at about USD140 per barrel. Fast forward to the last weekend, after a slew of bad news and poor earnings outlook hit the market, crude oil is only trading at about USD62 per barrel. After witnessing a drop of 55% in crude oil price, I have a few questions in my mind.