Oil continued its declined since Thursday 05-08-2011 in New York, its longest losing streak since May, as investors bet that signs of a slowing U.S. and Europe economy indicate fuel demand will falter as these crude-consuming nations will see the demand fall .
This morning Brent Crude Oil was trading at $99.06 a barrel, WorldWatch predicts oil will average $100 a barrel this year. Prices could come back to the $90 level, if not more.
Oil is extending losses in New York after dropping below the 200-day moving average yesterday, a long-term support level at about $95 a barrel, according to data compiled by WorldWatch. A breach of technical support usually means prices will continue to fall. Front-month futures may decline to the lower Bollinger Band, around $91.11 today.
As Brent Crude Oil continues to reflect the decline in demand, there is one exception...Portugal..final consumer price for a litre of Regular 95 Octane continues a staggering 1.619 € per liter.
This speculation is done by the petrol companies Galp, Repsol, BP and Cepsa, they all practice the same prices, in the last week
of July consumer prices were increased by more than 8 cents per liter with no justification, now today they announced that the consumer price may be deceased by 2 cents per liter.
This attitude is ridiculous as Portugal faces severe economical hardships and a possible social unrest if this monopoly in price fixing is continued.