The president of OPEC (Organization of the Petroleum Exporting countries) is taking measures to stop further price fall as it is decreasing day by day. The OPEC board group is taking measures to stabilize the price at a reasonable rate.
I t was yesterday the Oil price touched $59.62, its lowest price level since early March, before recovering to $60.54. It was flat on the day. This decline came as global demand fell.
This fall in oil price over the past month has been accompanied by investor selling and other commodity markets, mainly on concerns that economic growth in the US is slowing.
I think OPEC is going to control the oil price but they are only worried about investors reaction towards the oil markets, which supports government budgets in member countries.
I t was yesterday the Oil price touched $59.62, its lowest price level since early March, before recovering to $60.54. It was flat on the day. This decline came as global demand fell.
This fall in oil price over the past month has been accompanied by investor selling and other commodity markets, mainly on concerns that economic growth in the US is slowing.
I think OPEC is going to control the oil price but they are only worried about investors reaction towards the oil markets, which supports government budgets in member countries.