Commodity Daily News

Oil Demand Continues to Fall; As Does the Price of Crude Oil

After climbing to a recent high of $45 a barrel last week, the price of Crude Oil has apparently continued its descent. It has decreased in price for two consecutive days and currently stands just under $44 a barrel. This coming directly after a short-lived increase after it dropped to $42.50 during late trading hours last Friday.


It has been said by many analysts the world over that the ongoing economic recession is responsible for the downward slide in oil prices. This continues to be the case as many forecasts for oil demand are being reduced even further for the 2009 fiscal year. As the specter of this recession looms over investors, there is likely to remain a downward pressure on energy prices despite OPEC's recent production cut.