Ending November we saw a decline in the Crude price as oil fell below $90 a barrel in the biggest weekly loss in two and a half years on concern slowing economic growth will cut energy demand, and as Saudi Oil Minister Ali al-Naimi said supplies in the market are sufficient, however these oil prices don't reflect actual production and consumption trends.
The World and markets are simply becoming more concerned about the possible recession that can reduce petroleum demand,WorldWatch has been seeing evidence for some time of a weakening economy and weakening oil demand.
Crude oil for January delivery fell to settle at $88.71 a barrel at 2:45 p.m. on the New York Mercantile Exchange. Futures touched $88.45 a barrel, the lowest since Oct. 25. Oil dropped 9.7 percent last week, the biggest weekly loss since April 2005. Prices climbed to a record $99.29 a barrel on Nov. 21.
The U.S. dollar recorded its largest weekly gain against the euro since August, pressuring oil prices which rose earlier in the month on the currency's weakness.
Oil surged above $95 a barrel on the 29-11-2007 after an Enbridge Inc. crude oil pipeline in Minnesota exploded on Nov. 28. Enbridge said operations have now returned to normall..
1 comment:
I hope to see more declines in the crude Oil, it's seems to be very expensive without no reason.
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