Front-month Brent futures prices are down almost 24% compared with the same time in 2019, the sharpest year-on-year fall since September 2019 and before that May 2016
An Iranian crude oil supertanker anchored off Singapore. Picture: REUTERS
Treasury inflation-protected securities with a similar maturity are yielding -0.30%, guaranteeing losses after inflation if they are held to maturity, but at least limiting the scale of the losses, unlike riskier financial instruments. US equity valuations have fallen sharply and their positive deviation from the long-term trend has been reduced by about half over the last week.
The fall in Brent is consistent with a severe slowdown in global manufacturing activity or an outright recession . In the final three months of 2019, hedge funds and other money managers had purchased the equivalent of more than 500-million barrels of futures and options betting on an increase in oil prices.
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