The Good News About the Looming Global Meltdown? Cheap Oil

ith Europe in disarray and China's growth slowing, traders seem to have set aside their concerns about the West's tensions with Iran and started worrying that the world simply won't need as much oil in the near future. Shown in tan below, the cost of Brent crude, which is used as a benchmark to price most oil on the world market, is down 18 percent since May 1. The cost of West Texas Intermediate, the major U.S. variety shown in blue, is down 22 percent.