Continuing the oil price watch

Reuters reports on a trend, the exact opposite of which was predicted at the peak in July:

Oil fell nearly 6 percent on Monday as further indicators of falling demand linked to a potential recession offset OPEC plans to reign in output. U.S. crude settled down $3.90 at $63.91 a barrel, after October saw the steepest monthly price decline ever for oil as global demand slowed. London Brent crude dropped $4.84 to settle at $60.48 a barrel. Oil hit a record $147.27 a barrel in mid-July

Just remember where things are heading the moment someone says, “This time it’s different.”

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