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January 15, 2009

Crude Oil falls below $35

POLITICS - Crude oil prices tumbled below $35 US a barrel today as new United States jobless claims rose and gas and oil inventories continue to build a surplus.

Light, sweet crude for February delivery fell $2.35 to $34.93 a barrel today on the New York Mercantile Exchange. At one point prices fell to $34.65.

Oil prices have dropped 27% in the last week.

Trucking companies have seen an huge drop in business as orders dry up during the current recession/depression and the collapsing American economy, thus resulting in less gasoline and diesel needed.

OPEC lowered its energy demand forecast for 2009, predicting demand for crude will fall 180,000 barrels per day in 2009, compared with the previous year.

Oil prices are expected to fall below $30 US sometime in February. Some analysts are predicting before the end of January.

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