Oil prices fell to their lowest level in more than a year Monday before rebounding to just above $63 a barrel as growing evidence of a global economic slowdown had investors betting on a further drop in energy demand.There is some speculation that oil could fall to the $40's.Gas prices at my local station continue to plummet and are down well over $1 dollar in the past several weeks.
Traders undeterred by OPEC's sizable production cut late last week also appeared to be taking their cues from world stock markets, which slumped again Monday with the Nikkei index in Japan closing at its lowest in 26 years, down 6.4 percent. Hong Kong and European markets followed suit, closing or trading substantially lower.
Wall Street was wavering in morning trading, with the Dow Jones industrials down about 22 points, or 0.27 percent, at the 8,355 level after having fallen more than 100 earlier.
Monday, October 27, 2008
Oil Prices in a Free Fall
Oil prices fell yesterday as investors worried over demand.