Predictions on oil prices have come in thick and fast. Curiously, they could swing either way on how global conditions pan out.
Take the case of forecasts late last month by Bank of America analysts: global oil prices could go as high as $150 per barrel if Europe’s sanctions against Russian crude oil phase in over the next few months, or fall as low as $75 if a recession kicks in.
Unusual for forecasts to include such a wide range – this is indicative of the huge uncertainty facing the world today.
Though oil prices touched $130 levels in March, they have not stayed there but have traded in the $110-120 range. Only last week, prices slipped to the $100 range. And why did this happen? Fears of a recession.
Intriguingly, one way to predict a recession is to track oil prices .So, which parts of the world are in danger of a recession? How does India fare in all of this?
