Share price recovery is now dependent on lower oil prices

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The Western powers suddenly look powerless. The Arab revolts have electrified the news and shocked the markets.

The US and UK, happy to champion democracy in the non-oil producing states, have issued warm words about the protest movements in Tunisia and Egypt. And they have switched from support to hostility to the Libyan dictator Gaddafi, seeing the strength of the revolt against him. The world can just about manage without Libyan oil. Saudi Arabia is a different matter. The West is not making any speeches about the need for a democratic revolution there, and continues to maintain friendly relations with the world’s largest oil producer. Saudi itself has plenty of money and has decided to spend m...

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