Here is why crude oil prices continue to rise even when global growth forecasts are cut


Here is why crude oil prices continue to rise even when global growth forecasts are cut

Crude oil prices have kept rising since the beginning of the year, even managing to reach record highs that were last seen in November 2014.

What is surprising is that the rise continues despite the International Monetary Fund’s (IMF) recent downgrade in the global growth forecasts for 2018 and 2019 by 0.2 percentage points to 3.7 percent.

The downgrade was attributed to disruptions in trade policies between members of the European Union (EU) over Brexit, and the ripple effects of the ongoing tariff war between the United States (US) and China.

Yet, the prices of crude oil continue to increase as they are influenced by several covert and overt factors that economies across the world leverage to their advantage. Read More

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