Oil Prices move down.
Wednesday, January 16th, 2008Given the volatility of the Oil market, one wants to be careful when expressing the the fact the price of Oil has moved down over the last few days. The situation is so delicate that in time it takes from the writing of the first word of this article, to the writing the last word, the price of Oil could have spiked.
The analyst claim the reduction in the price of Oil is due to a few factors. One, the Saudi Arabians have announced a significant stockpile of Oil. Secondly, there are fears that the United States(U.S.) economy is going into recessions. Thirdly, the possibility of a recession is leading speculators to be think there will be reduction in the demand for Oil in the U.S.
Unlike Jamaica and Barbados, we have heard of reports claiming there has been a reduction in demand in the United States.
This is good news as it has give the Jamaican motorist a break for the first time in 2008.