It its latest (August) Oil Market Report, the International Energy Agency (IEA) noted that crude oil prices plunging for the third time in three months had revived 'all the old cliches about roller-coaster volatility'. Brent and WTI futures at the time of writing were flirting with lows near $100/b and $80/b respectively. Brent, at $125/b back in late-April seems a long time ago. 'Concerns over debt levels in Europe and the US, and signs of slowing economic growth in China and India have spooked the market and raised fears in some quarters of a double-dip recession,' commented the IEA.
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