Oil Prices Could Go as Low as $35!
Posted on 15. Jan, 2009 by admin in Crude Oil, Forex News
Oil fell again during yesterday’s trading session due to rising inventories and flagging demand in the top energy consumer, the United States. U.S. distillate demand fell to the lowest level in five years as the economic recession battered industrial consumption, according to the Energy Information Administration.
Traders should be eyeing news of key U.S. economic indicators, including a government report on weekly jobless claims due today. Moreover, worries that weakened international economic growth will depress Oil demand remains a key dampening influence on Oil prices. If the global economic condition deteriorates more aggressively, Crude Oil prices may extend their decline.
