Despite the warning that OPEC could slash oil output further, the prices slid to 17 months lows easing the earlier gains. Prices went down because of fears that the global economic crisis would “significantly weaken” demands for energy.
Oil prices are declining because of fears of weakening demands as a result of global economic crisis. The step taken by OPEC to cut the output has not been able to stabilize oil prices.
Despite the warning that OPEC could slash oil output further, the prices slid to 17 months lows easing the earlier gains. Prices went down because of fears that the global economic crisis would “significantly weaken” demands for energy.
Oil prices are declining because of fears of weakening demands as a result of global economic crisis. The step taken by OPEC to cut the output has not been able to stabilize oil prices.
