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油价终于获得了应有的关注,但并不是以大多数人所预期的方式。
也就是说,原油期货价格周一再度下跌,但股市却涨幅可观。或许我们终于迎来了一个转折点──下跌的油价被视为对市场和经济有利的因素,而非负面因素。
事实上本该如此。较低的原油价格和相应较低的汽油价格令消费者有了更多可供支配的开支。较低的能源价格也对工业有好处。然而许多人却认死理,觉得无论怎样,油价上涨就意味着经济前景好转。
但受投机活动甚于基本面因素推动的油价,已经上涨得太高、太快了,因此成了未来经济增长的绊脚石。大幅上涨的油价与原油高库存量以及相当温和的经济活动不相匹配。回归更为实际的价格水平将给脆弱的经济带来提振。
当然,在某个时间点上,如果经济增长转强、就业市场复苏,那么基本面因素将开始推动油价走高。但我们离那个时候尚有一段距离。
Oil prices are finally getting the attention they deserve, but not the way that most folks anticipated.
To wit, crude-oil futures are down again Monday, but stocks are substantially higher. Perhaps we are finally seeing the turning point where falling oil prices are seen as a positive, rather than a negative, for the market and the economy.
This is, actually, as it should be. Lower oil prices, and by translation lower gasoline prices, help put more money in consumers' pockets. Lower energy prices also benefit industry. Many folks, however, became wed to the notion that rising oil meant improving economic prospects, no matter what.
But oil, driven by speculation more than fundamentals, raced too high too fast, thereby becoming a brake on any prospective growth. The sharp rise in prices defied high inventory levels and rather meek economic activity. The retreat to more realistic price levels should give the fragile economy a bit of a boost.
Of course, at a certain point fundamentals, in the form of stronger economic growth and a rebound in the employment picture, will start to drive oil prices higher. We are, however, not near that point yet.
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