Where is Crude Oil Price Latest Movement Trend?
According to MyIris, Oil prices fall below USD 40 a barrel on Monday as companies like Toyota and Caterpillar hinted that global crisis will worsen further and there will be huge fall in energy demand. Oil for February delivery fell USD 2.45 to end at USD 39.91 a barrel on the New York Mercantile Exchange. Brad Aloha think that there is no reason for the oil price to rally due to deepening loss of US economy and dramatic decline of Japanese export will continue to drag the oil price lower. Indian stock daily reported the crude import to China (World 2nd largest consumption of oil) has fallen to the lowest level this year. This will signal weak demand of the oil despite the announcement from OPEC to cut the oil production. Economic News reported that South Korea, Asia’s third-biggest crude-oil buyer, will increase the tariffs on fuel import. This is also another signal of the weakening oil demand in the asia. BizChuck also mentioned from Reuter report that the final third-quarter U.S. g
