Global Recession Fear Batters Price of Crude; Black Future: Gloomy Global Economic Forecasts Are Depressing the Price of Oil
Byline: robert lea
THE OIL price is poised to end the year at barely a third of where it was at the start of 2008 and registering an extraordinary 75% crash from its all-time peak in high summer.
Crude was on the wane again today amid latest news of slumping Asian demand and the gloom of forecasts of a deep global recession in 2009.
The price of oil in New York traded down 57 cents at $39.34 a barrel against the record $147.27 set in early July and a price of about $98 a year ago.
Brent crude traded in London was priced at $40.80, down 65 cents from yesterday.
Weighing heavily on oil was downbeat economic snapshots from around the world.
Not the least of these is a final revision of US gross domestic product statistics later today which is expected to show how deep in trouble the US economy is.
Investors have also been rattled by a sharp decline in exports from Japan, the biggest Asian economy, as well as by a big reduction in imports of crude.
Oil imports in South Korea are also sharply down. …