Global stocks fall as US-China tensions mount while the dollar steadies after Fed-driven rally
Business InsiderJUL 2022
The Spin
Pro-establishment narrative
The ambition of the Biden administration is to make oil supply meet oil demand. In fact, the price of barrels of oil has come down. Earlier this summer the price was about $120/barrel and now it's hovering around $95/barrel. We've seen the fastest decline in gas prices in over a decade. The US policy efforts are on the right track.
Establishment-critical narrative
This minuscule increase in OPEC+ production is a betrayal of Biden's efforts to bolster US energy security. At an equivalent blip of 86 seconds of total global oil demand, this gesture shows that recent US efforts in the Middle East were fruitless. Saudi Arabia and the oil cartels hold all the cards in the energy poker game.
Metaculus Prediction
There's a 50% chance that the price of oil will be at least $92.1 per barrel by December 2022, according to the Metaculus prediction community.
