Oil continues to fall as Merrill Lynch predicts even greater losses
Articles — By forcechange on December 4, 2008 4:19 pm
With fears of a prolonged global recession and decreased demand for oil, crude fell to below $44 per barrel on Thursday, the lowest price since January 2005. This is off 70% from the commodity’s high in July of this year.
Further compounding fears of loose demand, Merrill Lynch predicted that oil could potentially fall below $25 per barrel next year if the recession spreads to China. Of course, this is the same Merrill Lynch that bet its entire company on the assumption of an eternal upward climb in the subprime housing market.
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