As investors are increasingly concerned about recessionary risks, Brent oil prices have bucked this trend. As investors are increasingly concerned about recessionary risks, Brent oil prices have bucked this trend, reflecting significant supply destruction in the wake of Russia’s invasion of Ukraine, BofA Global Research outlined in a new report sent to Rigzone recently. In the report, BofA Global Research acknowledged one of the “key lessons” from this century’s three recessions has been an average 66 percent drop in oil prices and noted that applying such a drop to today’s Brent oil price “would leave us with little more than $35 per barrel at the trough of any upcoming recession”. BofA Global Research stated in the report, however, that, in “stark contrast” to conditions ahead of previous recessions this century, “we believe the energy sector today offers significant cushions mitigating the impact of any recessionary demand destruction on the […]