It may seem strange, but the developed world is looking for, needs, a higher oil price.
U.S. now produces far more oil than thirty or forty years ago, and tough times for the energy sector could easily cause problems in US in banking and elsewhere. The thought of any weakness in the U.S., which has been the leader of the recovery, is pretty scary to the rest of the world, and continued falls in oil will hurt the emerging economies that export the commodity. Europe also needs a higher price to prevent a deflationary scenario really taking hold.
Food for thought ?
