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Have we reached the end of the road for oil? |
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Saturday, 16 August 2008 |
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With the oil price apparently in full retreat, it is tempting to breathe a sigh of relief. After soaring to an all-time high of more than $147 a barrel in mid-July, the cost of crude has dropped by nearly $30 in the last four weeks. Although the price is still more than 10 times higher than a decade ago, some analysts are now talking of a "tipping point", predicting a continued slide to $90 a barrel. So why has a commodity that until recently seemed like a one-way bet suddenly gone into reverse? And having helped push the economy to the brink of recession, is the oil shock over, or merely in remission? Read full article
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