Almost nobody predicted such a sudden crash in the oil price, so theres no point trying to guess when and where the falls stop

Another day, another sharp fall in the oil price. Brent crude traded below $79 a barrel on Thursday, completing a 30% fall from Junes $113 and recording a new four-year low. Some spy a great US/Saudi plot to ramp up the political pressure on Russia and Iran, big oil producers, but there is nothing wrong with the conventional explanation: there are few output disruptions and the global economy is weakening.

Throw in Saudi Arabias apparent lack of concern its oil ministers latest comments were a masterclass in obfuscation and all the old certainties about the price floor being $90, $80 or $70 seem redundant.

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