| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Crude Oil Prices Drop to Their Lowest Level in Three Years
The demand for oil continues to drop, pushing Crude Oil below $50 a barrel. Crude Oil is poised to drop 15% this week, the worst performance since October, as the global economic crisis reduces the growth in demand of Oil to its weakest level in 23 years. The Crude Oil prices dropped after a bearish U.S. jobs report intensified concerns among traders of a long and deep global recession, further weakening fuel demand expectations. Analysts forecast further drops in the price of Oil, as global markets continue their instability, owing to the global recession.
The Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on November 29 and again on December 17. It is expected that OPEC may lower output by a further 1 million barrels a day by the end of the year, according to some analysts. However, there is no guarantee that the production cut will support the Crude Oil prices. The same step taken by the cartel last month apparently hadn't produced the desired outcome. Since early September, OPEC has said it would remove about 2 million barrels per day from international markets, but the market has taken the view that falling demand has had a stronger effect on the Crude Oil market, rather than the tightening of supply.
News Archives
| 20.11.2008 | Crude Oil Approaching the $50 Price Level |
| 19.11.2008 | Another Day of Falling Crude Oil Prices |
| 18.11.2008 | Pirates Stir the Oil Market |
Dansk
Deutsch
Español
Suomi
Français
Italiano
Português
Русский
Svenska
عربي
中国
中文
Forex Ticareti