Oil Price Rally Hits Plastics

The crude oil price rally has hit plastic producers’ margins, and some are starting to curb production, Bloomberg has reported. Brent crude briefly topped $130 this month amid the war in Ukraine, with Western sanctions severely reducing international flows of Russian oil. Despite retreating some, the benchmark, along with the rest of the oil benchmarks, are at historic highs, sparking fears of recession and attempts to mitigate the effect of the sanctions on the global economy. As normally happens when oil prices are high, petrochemicals…