Crude oil prices have been continuously plummeting for the past few days. West Texas Intermediate (WTI) Crude oil futures are currently trading at $98.3 and touched their lowest mark of $95.5 today since the Russia-Ukraine Conflict started. Also, Brent Crude oil futures have stumbled upon the $100 significant level and are currently trading at $99.8. This significant price fall in Crude oil is creating less demand for petroleum products because of fears of an economic slowdown in the world economy.
The targets for futures of crude oil are diversified between $65/Barrel and $380/Barrel. Recently, JPMorgan issued its report which summarises that the prices of Crude oil will reach a humungous price of $380 in the coming year if the US and European Union continues to add more penalties on Russia. Although, Citi Bank has predicted in its reports that the Crude oil price will plunge to $65 by the end of this year. The dive in the price of Crude oil came as Saudi Arabia decided to hike prices by $2.80/barrel for all its Crude grades in August.
According to the Nouriel Roubini (Re-Known Economist), who is popularly known as “Dr Doom” predicted that the world’s major economies are heading towards a “Stagflation debt crisis” and this recession will be much worse than all the previous financial crises including 2008 Financial Crisis.
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