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Blame everything on the fact that oil is overflowing

Coronavirus has little to do, realistically, with the price of oil, except that in both cases there is widespread contagion. The spat between Russia and Saudi Arabia, which was supposed to see them coming together to lower production, because demand had fallen due to the Coronavirus. It instead has seen the Saudis increasing production with a resulting price crash to around $36. The aim appears to be to beat Russia into obedience, and to give a serious blip to the US economy, the top global oil producer. President Trump has of course helped the price of oil in the US by banning visitors from Europe; it fell further after his announcement. It was the Coronavirus which brought a sharp focus…

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