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Commodity Daily News
Crude Prices Keep Dropping
Tuesday, 28 Oct 2008
Crude Oil is retaining it low price, and yesterday it made an almost 17-month low falling to $61.30 a barrel.
Speculations that fuel demand is on the verge of a deep cut continue pushing the price of Crude Oil down, much below analysts' expectations. Who now remembers that only six month ago Crude Oil prices were forecasted to rise to the $200 level?
Even the OPEC announcement that it will reduce the production of Oil by 15% failed to create any divergence in the current bearish trend. It currently seems that as long as equity markets are dropping on a daily basis, the price of Crude Oil will be consistently damaged.
