The oil price is currently a sideshow, a curiosity in this developing economic drama, it could soon move centre-stage
The price of Brent crude has dropped almost 70pc since the start of the year, to just above $20 a barrel. The path of West Texas Intermediate, sold in the US, has been more dramatic still – down 80pc so far during 2020, to around $16 at the time of writing.
The demand for oil is, of course, being hammered by the coronavirus pandemic. With countless millions of cars, planes, trains and factories in lockdown, the global economy is using far