| From Cattlenetwork.com: The oil market has tumbled for months on weak demand. after Thanksgiving, it'll be suppliers' turn to push back. Yet some market watchers doubt production cuts will boost prices much -- and a few see further price drops.
anuary crude futures settled at $49.93 a barrel, down 12% for the week, a roughly $96 plunge since July, near a three-year low. The market has blasted through several potential low points on a steady drumbeat of negative indicators: U.S. demand for refined products is down 7% from the year-earlier level, the euro zone and Japan recently entered recession, and forecasters expect China's growth rate to fall sharply..... Full Article: Source
|