Supply and demand shocks seem likely to keep prices up despite fears of recession in US and EuropeOver the past two and a half years, world oil and gas prices have been subject to demand shocks and supply shocks – and sometimes both simultaneously. The resulting volatility in energy markets is a reflection and a microcosm of a careening global economy.The price of Brent crude oil declined from a “normal” $68 a barrel at the end of 2019 to $14 a barrel in April 2020 as the Covid-19 pandemic spread worldwide.