Economics
As Markets Reel, Eichengreen Sees Oil Rout Bringing Global Boon
- U.S. economist says market response to crude drop `surprising'
- Cheaper oil is `good news' for U.S., Europe, Eichengreen says
What Will It Take for Oil to Find a Floor?
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Global markets are erring in their response to slumping oil prices by missing the upside of cheaper crude, according to U.S. economist Barry Eichengreen.
“These oil prices are very painful for suppliers but I think are positive for the world as a whole, and that makes the negative reaction of the markets globally even more surprising,” Eichengreen, a professor at the University of California, Berkeley, said in an interview in Moscow on Thursday.