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As oil prices plummet, is a global recession imminent?

A barrel of Brent oil cost $125 in 2013; it is now $28. Can we absorb the shocks?

By George Magnus  

Four oil platforms in Aagotnes, Norway. Oil prices have fallen very sharply over recent weeks. ©Tore Meek/Scanpix Norway/PA

Why have financial markets been so poorly behaved so far this year? Take the UK. You may not know it, but the UK is enjoying the equivalent of a £7 billion tax cut. UK motorists consume nearly 1.5 billion litres of petrol each month. The price has fallen about 30% since the peak in…

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