Oil price under $50
New York Times just reported the oil prices has dropped to under 50 dollars a barrel for the first time in 22 months. NYT writes:
The drop in prices comes as stock and bond markets fell because of fears about the health of the financial system, and a flurry of new indicators showed how badly the economy was faring.
Just as a booming global economy had steadily driven up commodity prices for six years, the current meltdown means the world needs less oil, and is sharply driving down prices.
It is a stunning — and sudden — reversal that has taken aback many experts. Oil futures on the New York Mercantile Exchange fell $3.04 to $50.58 a barrel in morning trading. At one point, crude oil was down $3.71, to $49.91 a barrel. Oil futures have lost more than two-thirds of their value after settling at a peak of about $145 a barrel in July.
Some analysts predict oil could fall to $30 to 40 a barrel as the world economy worsens.
Also, the dollar is for the moment strengthening in international markets.
Another sign of the strength of the oncoming depression?
See also: Times: Shares fall as US jobless adds another 542,000
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