How Plunging Oil Prices Affect World Business
Posted: Tue Feb 16, 2016 4:21 pm
This guest article was written by Ronnie Chopra who is the Managing Director, City Trading Academy
Global oil prices have slumped over the last couple of years which has caused much distress to many energy exporting countries.
The current oil rout is now worse than any since 1970, with the price of oil slumping from $115 a barrel in the summer of 2014 to the current price, approximately $30 a barrel. The all-time peak price of oil was in July 2008 when the price reached $145 a barrel.
From 2010 until 2014 world oil prices were fairly stable at around $110 a ... (read more)