The Price for a Barrel of Crude Oil Drops beneath $46
Posted on 04. Dec, 2008 by admin in Crude Oil, Forex News
Crude Oil prices have continued to fall since the beginning of the week, and have now dropped beneath $46 a barrel. It was recently reported that fuel demand in the U.S. has dropped 7.9% further than this same time period last year, causing the psychological wheels to turn faster and faster. The price of $40 a barrel seems closer than ever.
U.S. Crude Oil Inventories have dropped by 0.4M barrels in the past week; however, it failed to support Oil prices as the bearish trend seems to be the strongest in the market at the moment. According to expectations that the USD will grow stronger as a result of the Euro-Zone’s interest rates cut, Crude Oil prices might finish this week touching the price level of $40 a barrel.
