Crude oil prices fall for 2nd Day

Crude oil prices fall for 2nd Day

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Oil prices fell 2 percent today. Asian and European stock markets also showed a reduction in price per barrel.

The US crude oil price was $1.57 lower at $60.07 per barrel. Prices bottomed out as low as $59.55 per barrel. London Brent crude oil did similarly going down $1.54 to $60.54 per barrel.

China’s stock market showed a drop last week possibly for the concerns of a slowing global economy, and the demand for oil may also drop off. If Asia markets slow down, there is a slow down in the demand for goods made in China.

The largest consumers for crude oil is the United States, and all investors are watching closely for signs of a recession.

Former Federal Reserve Chairman Alan Greenspan on, February 26th, warned that the US could be possibly be entering into a recession by the end of the year. He did say that it is difficult to predict so far into the future, but with company profits leveling off, he said is a sign that a recession is likely to follow.

By Best Syndication Staff

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