[The Guardian] Saudis gambling on game of oil-price chicken

Saudis gambling on game of oil-price chicken | Larry Elliott

Brent crude likely to continue slide as Riyadh faces off with Russia and US

The demand for oil is falling. The supply of oil is increasing. The result – as even those with only the scantiest understanding of economics knows – is that the price of oil must be falling.

And some. The cost of Brent crude – one of the market benchmarks – fell to below $23 a barrel in early trading, the lowest it has been since the US and the UK were making preparations for the invasion of Iraq in November 2002.

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Source: Saudis gambling on game of oil-price chicken | Larry Elliott

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