Three weeks ago I took the view that "rarely has the world economy been in such an uncertain condition with oil supply plentiful and at the same time oil prices the level they are".
Well, oil prices are on the decline as the price of the Opec basket of crude oils fell from $124.64 a barrel on March 13 to $117.08 on May 1 and then further persistent and sharp decline took it to $103.49 on May 24. The average price for May is likely to be around $109 a barrel as compared to $118 a barrel for April.
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