Commodity Daily News

Oil Tumbles on Dismal Global Economic Outlook

The price of Crude slid to a 5-week low due to a dismal global economic outlook in yesterday's trading. The price of Crude hit $63.35 a barrel before recovering slightly to $64.20 by day's end. Monday's bearish behavior was exasperated by concerns of falling fuel consumption, pushing down Crude Oil even further. These fears are likely to continue as global unemployment continues to rise, which in turns is taking its toll on falling demand for Oil.

The 6th straight trading session fall in Crude Oil prices has also led to concern amongst OPEC ministers, who would prefer to see Crude at a healthier $75 a barrel. It's important to take into account that Crude prices also fell due to the bullish Dollar throughout much of Monday's trading. The thing which is likely to continue dominating the price of Crude is news surrounding the upcoming G8 Meeting in L'Aquila, Italy on July 8th.