2 September 2008
Crude oil prices have fallen sharply, after oil facilities in the Gulf of Mexico were spared by Hurricane Gustav.
Falling demand
Fears of lower global demand for oil also pressured crude prices.
Oil traders speculated that slowing global economic growth would dampen demand for crude, even in booming China and India.
"The magnitude of this pullback suggests the market is fully focused on demand destruction," said oil analyst Jim Ritterbusch.
"The speculators, hedge funds, and other investors are getting out of this market on a major scale."
Opec, the association of oil producing countries, holds its regular meeting next week in Vienna, amid speculation some of its members - such as Iran and Venezuela - would like it to tackle falling oil prices.
Opec members produce about 50% of the world's oil supply
- Forums
- ASX - By Stock
- falling demand
2 September 2008Crude oil prices have fallen sharply, after oil...
-
- There are more pages in this discussion • 15 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LGP
LITTLE GREEN PHARMA LTD
Paul Long, Chief Executive Officer
Paul Long
Chief Executive Officer
SPONSORED BY The Market Online