columbia-university News

From falling U.S. wealth to Indian factory closures, oil shock raises global recession risk

Benchmark Brent crude cost about $109 a barrel on Tuesday, and has remained ⁠above or around $100 for more than three weeks, up over 50% from about $70 just before the conflict began on February 28. Risks sharpen for the global economy if oil moves above $110 or $120 a barrel, warned Nathan Sheets, chief global economist at Citi and a former U.S. Treasury Department official. "As this shock gets bigger and bigger, the risks of recession are rising significantly...There are likely some thresho ...Read More >