Another forecast of weak global demand, another nosedive for oil. A 6-month rout in the price of oil accelerated this week, culminating in a 4 percent drop Friday — its third such drop in 5 days — to its lowest level since May of 2009, when the U.S. was still in recession. Friday's trigger was a lowered expectation for oil consumption from the International Energy Agency. The benchmark U.S. oil price closed down $2.14 to close at $57.81 a barrel in New York. http://apne.ws/1GwqwDz http://bit.ly/1fJ5yqZ
Oil Plunges Again, Reaches Recession-level Depths
Another forecast of weak global demand, another nosedive for oil. A 6-month rout in the price of oil accelerated this week, culminating in a 4 percent drop Friday — its third such drop in 5 days — to its lowest level since May of 2009, when the U.S. was still in recession. Friday's trigger was a lowered expectation for oil consumption from the International Energy Agency. The benchmark U.S. oil price closed down $2.14 to close at $57.81 a barrel in New York. http://apne.ws/1GwqwDz http://bit.ly/1fJ5yqZ
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