Price of Crude Oil Hits One-Month Low
Posted on 12. Feb, 2009 by admin in Crude Oil
Oil prices slid 4.3% during yesterday’s trading session, the lowest in four weeks. This drop came after a U.S. government report showed Crude Oil inventories rose more than expected in the world’s top energy consumer, and after the International Energy Agency (IEA) said that global energy demand this year would post its biggest decline since 1982 under the weight of the economic crisis.
Oil prices have dropped significantly in the last few months due to the global economic slowdown and its impact on consumer and business fuel consumption, raising alarms for OPEC members that have agreed to record output cuts to counter this weakness.
