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Commodity Daily News
Crude Prices Drop below 70 USD
Wednesday, 22 Oct 2008
Investors have seen the price of Oil drop 50% from its July high. Yesterday, Oil prices shed $5 and are currently trading under $70. Prices are steadily declining due to an appreciating Dollar and reduced global demand amid an economic downturn.
The drop in Crude prices will be addressed in OPEC's meeting tomorrow as production cuts are forecasted. Price swings of $5 are not uncommon in these types of market conditions. Crude prices may hold between the $60 to $80 range for the next month or longer.
