Brent Crude falls to close to $50 a barrel

Posted by admin on 13 November, 2008 under Business news | Be the First to Comment

Oil prices are continuing their turbulent ride with Brent Crude falling to just over $50 a barrel earlier this week.

Nymex crude fell to just under the $55 a barrel mark, which represents a fall of 62.5% from the high of $147 a barrel in July 2008! The Nymex barrel price has recovered slightly today by around 2.42% to $57.52. With oil inventories on the rise in the US because of the economic down-turn and with the demand from China being weaker than originally predicted by investors, the price per barrel is expected to remain low for a while.

US Energy Department oil reserves for November 2008 – Oil reserves