Oil prices have slumped more than 10 percent in less than two weeks as traders focus on signs a slowing U.S. economy could cut into world energy demand growth. After climbing to a record over $99 a barrel Nov. 19, the price of crude has dropped to below $88.
The decline in crude prices may eventually filter down to consumers in the form of cheaper gasoline and heating oil. But it could also lead oil cartel OPEC to decide against a widely-requested increase to crude output when it meets in Abu Dhabi on Dec. 5.
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The price of oil could have been considered to be falling if it was compared to it’s high of $140 a barrel. It didn’t sell at that price, so it normalized soon after. The midway between a ridiculous price and the normal price turned out to be more expensive than most would pay, as it is now half the price per barrel as when this article was written.
- Posted by Corporation Financial