Oil Prices Dip After Recent Rally

September 11, 2024/in /by Rudolf Huber

The world is on fire, Europe sees its biggest conventional war since WW2 taking out Russian oil infrastructure, the Middle East is on the brink of a wider war and the rest of the world is not exactly paradise as well. The imagined world engine of China is fading into an economic collapse, the engine of Europe looks forward to social breakdown and the majority of countries look into an abyss of recession. Counting record inflation in, this is not a rosy picture. By the way, if we corrected the current crude oil price by inflation, oil would be quite cheap by the 2010 USD standard.

Mazen Salhab, MENA Chief Market Strategist at BDSwiss, outlined that oil prices dipped today after a recent rally.

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