Global Perspectives: Crude Oil Awakening

Foreign Exchange - Global Perspectives
Crude Oil Awakening
Crude Oil Awakening
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The price of crude oil fell 7 percent last weekend, dropping below $55 per barrel after falling for 12 consecutive days. This period marked oil's steepest decline in more than three years and, while prices have since rebounded, the sentiment is still bearish.
What's most alarming is the rapid shift in the oil outlook. Just a month ago, we marked the highest price for crude in four years, and much of the world was fretting about prices hitting $100 per barrel. Now, a sharp turnaround has occurred and markets are looking at a $50 per barrel target.
Why the sudden change, and what impact does it have on the global financial markets?
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