The Economist admits it was wrong about oil price prediction
By
The Economist
3d ago· 2 min readen
Summary
The Economist admits it made a wrong prediction about oil prices, having previously dismissed traders who forecast oil would fall to $88 a barrel as being in "la-la land." After Brent crude dropped to just over $70, the publication acknowledges its error with humility, quoting an editor who said the paper sticks its neck out and risks having it chopped. The piece reflects on the unpredictability of markets and the war between America/Israel and Iran.
Source
bskyThe Economist admits it was wrong about oil price predictionecon.stKey quotes
· 4 pulledWe are a paper of opinion and views. We stick our neck out and consequently risk having it chopped from time to time.
At the end of April, almost two months after America and Israel attacked Iran, we said oil traders were in 'la-la land' thinking that oil prices would fall to $88 by the end of the year.
Today Brent crude costs just over $70 a barrel. Our prediction went about as well as the war.
The market bested us. But for The Economist, there is no shame in that
The market bested us. But for The Economist, there is no shame in that
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