Crude oil at record low of 35 dollars
Posted by admin . Published on 18 February 2009, Received
Crude oil prices have reached record low of 35 dollars this month amidst reports of deep recession across key economies of the world. US and Europe and Japan are in deep recession with very poor numbers reported for 2008 quarter four.
These economies reported anything between -3% to -12% GDP growth for the fourth quarter of 2008.
Also crude oil inventory in most of the countries have climbed up in the last few months, which is adding to the crude oil prices. With massive unemployment increase in the US and Europe and also in China, the consumption of crude oil is bound to go down in coming months, which means no major rise in the crude oil prices in the near future.
