Quote:
Originally Posted by homedawg
Oil is not done falling, soon to be under $50.00 and under $40.00 could very well happen too!  |
NYMEX CRUDE OIL...US@CL.1
36.84 ( -3.22 )
Economic Fears Send Oil Below $36 a Barrel
By VOA News
18 December 2008
Fears the global economy will get worse dropped oil prices to levels not seen in 4.5 years.
Investors shrugged off Wednesday's record production cut by OPEC, the Organization of Petroleum Exporting Countries, pushing crude oil prices to less than $36 a barrel. Oil moved slightly higher at the close of New York trading Thursday.
Prices have now tumbled more than 70 percent since July's record-high. And some economists say prices could drop even further as global economic problems cut demand.