Crude Oil below $25 - Prediction
According to predictions from Merrill Lynch & Co. crude oil is expected to drop below $25 a barrel. Definetly news which oil/energy companies are not going to be very happy about. What do you think about these predictions? What are the good and the bad things it can bring forth upon the economy?
Crude oil fell below $44 a barrel to the lowest since January 2005 and gasoline dropped below $1 a gallon as the deepening recession in the U.S., Europe and Japan cuts fuel consumption.
Prices may dip below $25 a barrel next year if the recession spreads to China, Merrill Lynch & Co. said in a report today. U.S. fuel consumption during the four weeks ended Nov. 21 was down 6.2 percent from a year earlier, an Energy Department report showed yesterday.