Oil Prices Slump on Demand Fears
Source: AFP (8/9/11)
"World oil prices hit multi-month lows as traders eyed the prospect of slowing energy demand."
World oil prices hit multi-month lows on Tuesday as traders eyed the prospect of slowing energy demand in China and the U.S., and as the OPEC cartel slashed its forecasts for oil consumption.
The energy market also suffered heavy falls, in line with tumbling global equities, as investors fretted over a possible new worldwide economic downturn and eagerly awaited an interest rate decision from the U.S. Federal Reserve. . .View full article