the price of a barrel of oil rose to 147USD in the last few months and then fell back down to below 40USD, did this oil price peak have something to do with the recession?Why did oil prices rise so sharply in the last few months?
Mainly because of the speculators, they drove them citing future supply fears. The American dollar was also very weak, it rallied recently. The global recession meant a collapse in demand and as a result in the price.
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