Brent crude moved over $70/barrel in the first half of April, despite a weak global economy. In its latest World Economic Outlook, the IMF reduced both its estimate of global growth in 2018 and its forecast for 2019, which fell from 3.7% to 3.3%. If realised, this would be the weakest expansion of global GDP since the 2009 financial crisis. Although the IMF sees something of a recovery in 2020, the OECD’s composite leading indicator has been below its long-term average of 100 since July 2018 and remains on a downward trend, reaching 99.10…
