Crude prices on Monday briefly dropped below the level at which they started the year. Given the spike in oil prices has been the source of a lot of pain, it’s worth taking a step back to consider the implications.
Energy prices were creeping up at the start of the year as the global economy emerged from the Covid-19 pandemic. Supply lines weren’t running smoothly after two years of lockdown-induced slumps, and demand was strengthening as consumers emerged from their shells.