| For a commodity usually described as "volatile", oil prices have been eerily stable over the past three years - averaging US$111.26 in 2011, $111.57 in 2012, and $111.89 so far in 2013. Despite the revolution in Libya, stringent sanctions on Iran and Japan's nuclear shutdown, the oil market has remained remarkably steady.
Yet on Friday, Brent oil prices fell sharply to under $102 per barrel, their lowest level for nine months. This came in response to downgrades of global oil demand by the producers' and consumers' representatives: Opec, the Energy Information Administration in the United States and the International Energy Agency. They were particularly concerned about weak demand in Europe and Japan, as the economic crisis drags on...............................................Full Article: Source
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