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Oil falls on speculation slowing economies will use less fuel

Posted on 19 January 2009

From Bloomberg: Crude oil fell in New York on speculation recession in the world’s largest developed economies will cut demand for fuel and energy this year.

A report this week in the U.S., the world’s largest oil consumer, will probably show housing starts last month fell to the lowest annual rate since at least 1959, according to a Bloomberg News survey of economists. Global oil demand will shrink 0.6 percent to 85.3 million barrels a day this year, the first two-year decline since 1983, the International Energy Agency said Jan. 16. …. Full Article: Source


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