Price of crude oil has plunged to a low of $33.87. This is dirt cheap in comparison to the $147 per barrel in July. Its interesting to see that the price of oil has dropped even though OPEC has cut production by 2.2 million barrels a day. This equilibrium price of oil means that the demand for oil is dropping even more than the supply. Weird in my opinion.
Perhaps the global economic downturn has had a tremendous impact, larger than I ever imagined.
Lets hope it picks up soon....
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