All that notwithstanding, argues Francisco Blanch, of Merrill Lynch, as long as economic growth holds up in the developing world, the price of commodities should too.

ECONOMIST: Commodities 1

Francisco Blanch of Bank of America Merrill Lynch reckons that global demand is set to expand by 1.4m bpd as growth in developing countries offsets a decline in demand from sluggish rich countries.

ECONOMIST: A stable commodity may be about to get more volatile

But as Francisco Blanch of Merrill Lynch notes, most of the incremental demand for oil comes from China, India and the Middle East, where the prices of petrol and diesel are subsidised or capped, leaving drivers with little incentive to cut back.

ECONOMIST: The oil price should fall��eventually