Merely two months ago, many market participants were predicting a global recession as equity markets tumbled and investors shied away from risky assets. Goldman Sachs reported that the oil price could plummet to as low as $20 a barrel. But in a very short space of time, markets have turned around and reached new highs for the year. The recovery coincided with economic data from all the major regions that improved but most important of all, the price of oil continued to recover. The upward trajectory in the oil price was supported this week on news that production outside of the OPEC cartel was falling at a faster pace than what was expected.