chapter
10 Pages

Case 1 The price of oil: black gold or can someone fi nd somewhere to store the fi lthy stuff?

By early 2015, the global price of oil had halved. A year earlier, the price of oil had reached $115 a barrel and now it had dropped to $50. Since then oil investors expecting a quick recovery have been disappointed. Some say that the price of oil being in three digits will soon be a distant memory. By mid-2015, the slowdown in the Chinese economy saw oil prices dip to $43 a barrel, with analysts fearing a drop to $30 and no recovery in the near term. The year 2016 opened with petrol costs at the pump expected to go below 90p a litre and Goldman Sachs and the International Monetary Fund forecasting that crude could falls as low as $20 a barrel.