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Commodity Daily News
Crude Oil Declines on Falling Demand
Tuesday, 15 Dec 2009
Oil dropped for a ninth day yesterday, the longest losing stretch in eight years, amid declining industrial output in Europe and the smallest improvement this year in consumer confidence in Japan, the third-largest oil-consuming country.
Prices have fallen because of a slow recovery in demand in developed markets. Oil has dropped 11% since Dec. 1 in the longest decline since July 2001.
Oil failed to reverse the downward trend on Monday despite rising equity market and falling dollar, which had helped to boost oil prices most of the year. Investors were worried about the weak demand as fuel supplies have risen six out of the past ten weeks.
