The prices of oil have tripped below $60 a barrel right after the traders observed the economic weakness signs, though it is forecasted by the International Energy Agency that global oil demand would turn into normal stage.
Traders are more concerned and focusing on situation that the rising global recession and the increased unemployment would keep restraining demand, where as stocks in US have been overloaded. “Crude Oil prices have been decreased with sentiment concerning the rapidity of the global economic recovery” Deutsche Bank said in a commodities market report released on Friday. At midday, the oil futures in New York trading were dropped $1.07, to $59.34
In the monthly Oil Market report released by the Agency, the agency claimed that global demand would increase in 2010 by 1.7 % a year earlier or by 1.4 million barrels a day to 85.2 million barrels. Where in 2009 the global demand remain constant, rather decreasing 2.5 million barrels a day or 2.5%
The Agency believed that the global demand would run by economic recovery in the developing countries where it is expected to increase by 3.5 percent or 3.9 million barrels a day in 2010, and by a humble increase in demand from O.E.C.D countries for travel or winter fuel consumption.
