From Ameinfo.com: The credit crisis has continued to deepen recently causing many financial institution casualties around the globe. Investors have worried that the crisis also hurts the economy, resulting in lower global demand for oil. Reflecting this, the WTI-oil price dropped roughly 40% from its July peak of $147 per barrel.
Goldman Sachs recently slashed its forecast for crude oil prices in New York as concerns that the global credit crisis could lead to weaker demand outweighed supply constraints. Analysts at Goldman cut its three-month benchmark West Texas Intermediate crude oil estimate to $115 a barrel from $149. …. Full Article: Source