Oil is a good barometer of the health and progress of an economy. It spurs its own demand. But if supply and demand are messed with, as OPEC does, it can be tricky to read the tea leaves. Semiconductors and sulfuric acid can also be a good Barometer.
Oil still have a lot of reach. That cannot be denied. It seems to have a major impact on food pricing too due to fertilizers and transportation.
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