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World Economic Crisis Leads to Crash in Oil Prices
Oil prices continue to plummet in response to the crisis on Wall Street. Prices dropped more than a $10 a barrel in a dramatic crash as the continuing calamity in the stock market stoked fears of an economic disaster and signal another drop in U.S. energy demand.
Only two months ago crude was at $145 a barrel. It is now down 8 percent for the year. In spite of a pledge by OPEC to cut supplies, prices fell below $100 last week.
The US Department of Energy lowered its forecasts for 2009 global crude oil demand, and the International Energy Agency cut its estimate for demand growth this year by 100,000 barrels per day (bpd) and for 2009 by 140,000 bpd.
