Oil prices fell again on Wednesday and reached close to $50 a bareel due to weak energy demand. Oil prices have been continously falling for quite some time now. Worldwide financial crisis has hit the oil market because more and more people are trying to cut expenses on fuel which has resulted in considerable decline in demands worldwide.
I believe that the increase in oil prices was purely speculative. The abnormal increase in oil prices badly affected developing countries which have to bear heavy oil import bill. The economies of countries like Pakistan were devasted because of ever increasing oil prices.
Oil prices fell again on Wednesday and reached close to $50 a bareel due to weak energy demand. Oil prices have been continously falling for quite some time now. Worldwide financial crisis has hit the oil market because more and more people are trying to cut expenses on fuel which has resulted in considerable decline in demands worldwide.
I believe that the increase in oil prices was purely speculative. The abnormal increase in oil prices badly affected developing countries which have to bear heavy oil import bill. The economies of countries like Pakistan were devasted because of ever increasing oil prices.
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