The economic effects of a falling oil price
Brent crude oil was trading US$75.95 a barrel on the 30 October 2018 but within a month it had fallen to under US$60. The political tensions between the United States, Iran, and Russia threatened the supply of oil, causing a spike in the price. However, when the US issued sanction waivers for eight countries importing oil then the market turned bearish on the commodity on fears of oversupply. A drop the oil price can be felt by motorist by a …