| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Crude Oil Approaching the $50 Price Level
Oil prices registered a recovery during the day after falling to a 22-month low and getting close to the psychological barrier of $50 a barrel. At midday in the European market, Oil prices dropped below $54 and ending trading at $53.30 due to increasing fears of weakness in the global economy.
However, after reaching its lowest value since January 2007, Crude Oil prices bounced and recovered from earlier losses thanks to a lift in heating oil futures backed by the arrival of cold weather in the Northern Hemisphere. At 17:45 GMT, Oil prices traded at $55.34 on the NY Market, also marking the continuation of the recent downward trend.
Some analysts are pointing at this as the time of the year in which Oil prices touch bottom, while for the moment Oil prices are finding support from heating oil futures, which keep them from a bottomless drop. However, the downtrend continues under the uncertainty of how long and deep this recession will last, Oil prices might continue falling to below the $50 mark. If this level is breached another wave of selling could be unleashed, dragging Oil prices to as low as $40 a barrel.
News Archives
| 19.11.2008 | Another Day of Falling Crude Oil Prices |
| 18.11.2008 | Pirates Stir the Oil Market |
| 17.11.2008 | Crude Oil Price Maintains Downward Momentum |
Dansk
Deutsch
Español
Suomi
Français
Italiano
Português
Русский
Svenska
عربي
中国
中文
Forex Ticareti