Oil prices tumbled to $97 a barrel which is the lowest in six month. Oil prices fell as dollar recovered and the possibility of a global economic slowdown indicated a low demand in the international markets. Prices had recovered initially on Thursday as Hurricane Ike headed toward energy facilities on the southern coast of the United States and OPEC announced a cut in output to check th falling prices.
The decline in the price of oil should be a good sign for countries who had been burdened beyond their capacity. Increase in oil price is the major cause of rising inflation. Now that the prices have already declined markedly, I think that the benefit of low prices will be passed on to the people.
Oil prices tumbled to $97 a barrel which is the lowest in six month. Oil prices fell as dollar recovered and the possibility of a global economic slowdown indicated a low demand in the international markets. Prices had recovered initially on Thursday as Hurricane Ike headed toward energy facilities on the southern coast of the United States and OPEC announced a cut in output to check th falling prices.
The decline in the price of oil should be a good sign for countries who had been burdened beyond their capacity. Increase in oil price is the major cause of rising inflation. Now that the prices have already declined markedly, I think that the benefit of low prices will be passed on to the people.
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