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