Last week, Crude Oil fell below US$40 bbl after news of mounting job losses in the USA augured for still weaker demand in the world’s biggest oil consumer. Nearly 600,000 people found themselves out of work in the USA last month, many more than Wall Street economists had expected. The economic slowdown has curbed demand for fuel around the world and knocked US Crude Oil briefly beneath US$39 bbl for the first time in nearly three weeks.” It gets worse and worse and worse,” said Greg Salvaggio of Tempus Consulting in Washington. “The economy is just falling into oblivion.” US light crude for March delivery was down US$1.48 at US$39.69 bbl last Friday the lowest since January 20. London Brent, which usually trades below its US counterpart, fell US$1.03 to US$45.43 bbl at the same time.
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March 8th, 2009 at 12:03 am
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