Oil Price Plunge? It's The Global Economy, Stupid!

The decline in the price of oil - in the face of surging geopolitical pandemonium - has been lauded as indicative of both US' awesomeness in energy independence and a tax cut for Americans... but, as the following chart suggests, there may be another - much more realistic - explanation for why oil is plunging... demand!

 

World GDP expectations for 2014 just tumbled to their lowest since estimates started...

 

Maybe - just maybe - that explains the price of oil...

 

Charts: Bloomberg