Wednesday, October 8, 2008

Oil prices rises after rate cut

A rate cut by the leading major banks around the world has caused the oil price to rebound back to above 90$,following a drop in prices on investor concerns that the U.S. credit crisis was enveloping the globe and would hurt crude demand.Oil's recent and relative affordability brings a small measure of comfort. Prices have fallen about 40% since peaking near $150 in July.

No comments: