Sharply lower oil prices are sending ripples through the global economy, lending more spending power to consumers shopping for Christmas gifts and making fuel cheaper for people in poorer countries.
The fall doesn’t yet match the 2014-2016 slump to $26 per barrel but will have its winners and losers. The decline has seen the international crude benchmark, Brent, fall under $65 per barrel from a four-year high in early October over $86, and U.S. crude slide to under $55.
U.S. retailers should see a boost, but falling investment in oil rigs could offset the overall impact on economic growth. Ian Shepherdson, analyst at Pantheon Macroeconomics, says “lower oil prices are now a net drag on the U.S. economy.” Read More
Latest posts by indiatvnews (see all)
- Fuel prices continue to spiral; petrol costs Rs 70.13/litre in Delhi, Rs 75.77/litre in Mumbai - January 14, 2019
- WPI inflation falls to 4.64% in November on easing food, petro prices - December 15, 2018
- Fuel prices slashed further; Petrol cheapest in 8 months, diesel 3 months | Check revised rates here - December 2, 2018