There’s news from the USA today that the price of oil has actually been falling. The price of a barrel of US light crude fell to $91.33 after trading. It had, in recent weeks, reached heights of over $100 a barrel.
The cause of this is prediction of an impending US recession which would decrease the demand for oil.
The isn’t necessarily great news for the consumer as while the price may fall, a recession may hamper general affordability making oil based products no easier to purchase.
US President George W. Bush has been calling on OPEC to boost production to reduce some of the potential impact of still-high oil prices on the global economy.
Whether there will be any further falls is open to discussion as some investors are now turning to the oil market as a hedge against the weakening US dollar. Such investment may inflate the price of oil.
Tags: fall, fuel, oil prices, opec, usa
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