Crude oil continued to drop further , and it touched a new three month low of 111 dollars to a barrel today in mid day trading. The drop is attributed to major unwinding of position by speculators amidst worry that post completion of the Olympics games, the demand from China, one of the biggest oil guzzlers, will come down drastically. The OPEC team is already worried about the steep 15% drop in crude oil prices in the last few weeks, and is most likely to meet sometime next month , and discuss production cuts to keep the prices up.
If you liked my post, feel free to subscribe to my rss feeds
BlogoSquare