Oil Market Watch: Is Oil Price Declining?

Is oil price declining? Here are related topics on oil price and find out if the oil market is already stable.
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The strengthening dollar has atributed the lowering of oil price. Few weeks ago, oil price was at near-$120 per barrel. As the grrenback recovered this week against euro and yen, New York Mercantile Exchange has recorded a drop of $8 from its high level of US$120 per barrel.


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Crude oil prices yesterday slipped more $US3 a barrel, the slip is described by analysts as the biggest recorded in one month, after BP restarted a North Sea oil pipeline and the dollar strengthened, reducing the appeal of commodities to investors.

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Oil prices fell slightly Thursday as the dollar strengthened against the euro on a smaller-than-anticipated interest-rate cut from the U.S. Federal Reserve.

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Prices have eased since striking a record high of $119.93 in New York last Monday during a Scottish refinery strike and related pipeline closure.

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Oil nears $91 amids plan to revive US economy

Despite actions from the White House and US Congress, one of those is the stimulus package plan, the oil price is still at its feet, standing proudly with remarkable high tags. Was the plan not enough to pull down the price of oil? US is among the top energy consumers in the world, it is evident that US is the most affected of oil crisis.

U.S. oil had traded as high as $91.38 a barrel earlier as the stimulus plan announced by U.S. legislators and the White House Thursday helped lift global stock indexes and countered mildly bearish U.S. weekly oil inventory data.

"This is all about the stimulus package," said Phil Flynn, analyst at Alaron Trading in Chicago. "Oil markets are taking their cue from the stock market."

Prices gave up some of the gains later Friday as U.S. stocks fell on talk of more trouble in the global financial sector and declines in defensive shares offset strong earnings from companies.

U.S. oil has tumbled from a record over $100 a barrel struck Jan. 3 on growing fears crude demand growth could be hit if the subprime mortgage crisis knocks the U.S. economy into recession.

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