Letter to BS: Decline in crude oil price is a symptom, not the disease

27 per cent drop in oil prices portends an extended global economic turbulence far beyond Covid-19 or even Trumpian trade bravado

The decline in crude oil price was expected. For over four decades now, the global economy has been linked to the state of oil demand and its elevated prices has been coterminous with a surge in the economy and trade. As global trade peaked, so did crude up to 2008-09, thereafter Brent Crude fell and economic deceleration set in. Oil sector investments languished.
 
What should worry us today is the return of a familiar script. This steep 27 per cent drop portends an extended global economic turbulence far beyond Covid-19 or even Trumpian trade bravado. The first blow is