Global Recession Fear Batters Price of Crude; Black Future: Gloomy Global Economic Forecasts Are Depressing the Price of Oil

Article excerpt

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. …

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