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Commodity Daily News
Reduced Economic Output Sends Crude Lower
Friday, 31 Oct 2008
Traders are attempting to balance opposing forces: a global economic slowdown that threatens to lower all commodity prices, or a future OPEC decision to reduce output that may raise the price of Crude.
Crude Oil fell more $5.16 yesterday, erasing the previous day's gains to close at $64.52. Lower demand for Crude amid the world's slowing economies is pushing prices lower. The drop in U.S. GDP reaffirmed the recessionary fears. Look for further declines in global growth to send Crude Oil lower to a level of $55-$65.
