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The Brent oil price was hit hard again last night, down another 2% at $62.14 as I write. There was no obvious cause beyond a renewed bullish push by the US dollar. Another factor may be next week’s OPEC meeting given the last time the group met and did nothing the price of oil did this:
The indicative LNG contract price fell sharply to $9.07mmBtu:
In news, China has begun construction on its revolutionary “eastern route” gas pipeline from Russia:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.