The prices for Crude Oil (american) was reported to be handled below $100 per barrel in New York on friday. The price ended at $99.80 per barrel by the end of the day. This is reportedly the first time since march that the price has been below $100 and the decrease in the price is a notable $9.44 (8.6%)
Weak key numbers in the economical sector from USA and Europe is contributing to this concern in the market. The fact that the USD dollar also has picked up is antoher contributing factor. "Everyone is trying to get out at the same time", - according to Rich Ilczyszyn at Lind-Waldock.
Doubts lead to decrease of prices
North Sea oil (brent) for delivery in june was traded at $110.8 per barrel, a historical fall of $10.39. As a result of the Tsunami and earthquake, the oilprices did get a short boost in the price but now the prices are again sniking "due to the doubts in the american economy", claims Jon Kulduff in Again Capital. More information will be provided later on this dramatic pricefall.