Citigroup says oil could slide to $65 a barrel in a recession
CBSN
Worries of a global recession are pummeling the price of oil, and should those fears be realized this year crude could cave to $65 a barrel, according to Citigroup.
"Thus far, we're not in a recessionary environment," Ed Morse, the bank's global head of commodity research, told CBS MoneyWatch. The economies of certain countries are slowing more than others, but the world as a whole is not in a recession — a scenario that's more unlikely than not this year, he said.
Morse and his team currently offer a 40% probability of a global recession, defined as two consecutive quarters of a collective drop in the world's GDP.
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