Oil traded below $71 today over concern of debt troubles in Europe might cause another economic crisis, thus impeding on industrial demand. Oil is heavily ied to global economic growth. In addition, the news on the Gulf oil spill continues to report higher amounts of oil lost per day.
Claudia Assis and Myra P. Saefong of MarketWatch, report oil prices have fallen nearly 20% since April 6, when oil closed at $86.84 a barrel.
According to Brian Baskin of the Wall Street Journal, the U.S. Energy Information Administration has projected worldwide oil demand at 86.4 million barrels a day this year, up 1.9% from 2009. Emerging markets, notably in Asia, are expected to drive most of the growth, since they are expected to grow 6.4% this year.
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“Sumin Kim contributed to this article.”