Oil led a drop across commodity markets as gold and copper fell on concern slower economic growth will curb demand for energy and metals.
Asian and European stock markets fell the most since September 2001...These kind of declines are unprecedented so there is a lot of nervousness in the market so the outlook is for oil to continue to come down.
Crude oil for February delivery fell to $84.64 a barrel, the lowest since Dec. 6, on the New York Mercantile Exchange.
Brent crude for March settlement declined to $85 a barrel on the ICE Futures Europe exchange.
There are risks to U.S. demand, but they will be offset by growth in China and India and also once we get out of this peak demand period then perhaps oil is likely to trade between $85 and $90 a barrel in the coming weeks..
We will continue to see stock markets in a downward trend and as predicted the US economy ever deeper in recession...
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