The small-scale rally that brought the oil price up slightly from the trough reached at the turn of last year is waning under the welter of horrible economic news that continues to batter countries both large and small, in the East and the West. Attention has shifted recently to Japan, the world's second largest economy, which contracted last year by over 12%, due in large measure to a 14% fall in exports and weak domestic demand that has had a knock-on effect on corporate investment. At least the UK, with a 1.5% fall in GDP in 2008, can draw some comfort from a depreciating currency, whereas the Yen has been rising.
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