Oil drops below $50 as forecast cut


There are no upsides to the current recession. Unlike previous cyclical downturns triggered by inventory adjustments, this one is anything but typical, driven by the end of a massively leveraged bubble, falling housing prices, and toxic assets that have produced a global financial crisis.

Hence, there are only consequences from this recession, not benefits, and one consequence is lower global oil demand. The International Energy Agency now expects demand to fall to its lowest level in five years.