Price of oil drops below $50
December 2, 2008
Bloomberg reports that oil was trading on Tuesday around $48 per barrel, the lowest it has been since May 20, 2005. This is a fall of 68% from the commodity’s high of $147.27 on July 11 of this year.
“Demand is going down from week to week, hand-in-hand with the worldwide slowdown in economic growth,” said Gerrit Zambo, an oil trader at BayernLB in Munich. “If sentiment gets worse and equities move lower we could see oil go to $40.”
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