Oil price collapse should help South African economy
JOHANNESBURG –
The oil price collapse should help the South African economy as it will lower fuel costs and so lead to lower prices for those goods and services where transport is a significant factor.
The oil price collapse should help the South African economy as it will lower fuel costs and so lead to lower prices for those goods and services where transport is a significant factor.
Oil markets on Monday fell the most since 1991, when the first Gulf War ended, after the disintegration of the OPEC+ alliance on Friday looked set to trigger an all-out price-war.
Crude oil futures dropped almost 30% after the Saudis slashed official prices on Saturday by the most in at least 20 years, and said they would maximize their output. US oil prices were last trading at $27.59 a barrel, while the global benchmark Brent crude was at $31.66 a barrel.
Source: iol.co.za