Behind the Low Oil Prices Lurks a Struggling Economy
As
oil prices drop to below $90 a barrel this week, reaching a seven-month
low, it’s fine to take heart in the accompanying dip in gas prices at
the pump, but this is all relative in the larger picture of economic
slowdown and possible recession. Last week closed with benchmark US
crude at $90.86 per barrel and $106.83 per barrel for Brent crude, the
lowest levels so far in 2012, and prices continued to fall this week,
dropping to below $90 for the first time since the last quarter of 2011.
Weaker demand, stronger supply, signs of slowing…Read more...
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