It has been a wild ride the last few weeks with oil collapsing and Russia facing a serious recession as the currency has collapsed. The following chart shows how serious this crisis has been. I had hypothesised here that Saudi Arabia was helping the US to get the oil price down to hurt Russia. It undoubtedly did so but perhaps I was wrong (or half right) – perhaps the Saudis want to hurt the US shale oil industry while they are at it? if this EM crisis continues things could get interesting, very interesting…..
doubleosullivan 