Ask OPEC about oil price and they would immediately say that oil price has gradually slided from $100 per barrel down to around 89 per barrel. OPEC maintained that the oil market is well suppled and they could find ways in lowering its price, as they were proud to announce that they have already started to hit their targets of making oil price stable.
Economists believe worries in the market about the slowdown of the economy in the United States, dragged down by the domestic credit crisis and the depression of real estate market, is the main reason detaining oil prices.
Furthermore, the increase of commercial oil stocks in the U.S. and warmer than average seasonal weather in the U.S. and most areas of Europe are also helping to ease doubts over insufficient supply.
The cartel's special conference on Feb. 1 in Vienna will intensively discuss the current supply and demand in the international oil market.
more...
0 comments:
Post a Comment