Oil prices back above US$100 a barrel although recession fears curb gains
Crude oil prices rose, after dropping below US$100 per barrel yesterday for the first time in months
Crude oil prices have slumped as weakening demand concerns are starting to outweigh fears about tight supply,” said Fawad Razaqzada
A growing number of analysts are expecting that many of the world’s leading economies will suffer negative growth in the next few months, and this will drag the US into a recession.”
“It is increasingly hoped that lower oil prices, which would benefit both businesses as well as consumers, could lead to an adjustment of investment ” said Richard Hunter
“Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses Tuesday, on worries of a global economic slowdown,” said Mark Jenkins
“If these futures price drops hold, drivers could see Florida gas prices drift back below $4.10 per gallon.”
“This is still an extremely volatile fuel market, and we’ve seen oil prices rebound so many times in the past several months,” he said.