The prices of oil once more moved southwards to nearly touch US $40 per barrel last week after having hit a five week high, earlier in the week. The fall is attributed by analysts to the possibility of a slowdown in demand, due to the effects of the global recession.
February deliveries were quoted at $41.44 on January 8, after having scaled the $50 per barrel mark just two days earlier. Prices of crude oil started their fall on January 7, on reports of higher US crude reserves and fell by 12.25 percent from its previous day closing.
Prices fell further the next day when the US government released a report on unemployment figures which have peaked to a 26 year high and could mean a fall in demand from the world's largest consumer of oil. Experts though believe that there is still potential for oil prices to regain the ground lost in the last week.
Fibre2fashion News Desk - India
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