U.S. President G. W. Bush, on his first visit to Saudi Arabia, urged the Organization of Petroleum Exporting Countries ahead of its Feb. 1 meeting to pump more oil in an effort to lower crude prices. If the worlds biggest economy reduce the oil consumption then we will have lower crude prices...
Crude oil for February delivery was $94.17 a barrel on the New York Mercantile Exchange. New York futures have fallen 5.9 percent from the record $100.09 a barrel reached on Jan. 3.
Stocks in the U.S. have fallen three straight weeks and posted their worst start to a year since 1991, the US may already be in a recession.
The world economy faces its worst recession due to the energy prices..however a big part of the dilemma is SPECULATION.. from oil producers,governments,car producers and so on .... the oil exporters group said Jan. 5 that the market has sufficient crude !!! during the next meeting in February will OPEC change its position, will they continue to use SPECULATION as a driving force to keep prices as they are???
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