Allianz: Accelerated Rise in Oil Prices Driven by the Formation of Multiple Equilibriums

Golden Ten Data reported on March 7 that Mohamed El-Erian, Chief Economic Advisor at Allianz, stated that there were three historic facts in the global oil market this week: Brent crude oil posted the second highest weekly gain on record. WTI crude oil recorded the largest weekly gain in history. As the week progressed, the pace of daily price increases accelerated, which is consistent with market concerns about a "multiple equilibrium" state and the resulting chain reactions, collateral damage, and unintended consequences.