Crude oil crashes to 68 dollars
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May 27th, 2010 |
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Crude oil prices were at over 85 dollars just five weeks back, but since then there have been many negative news flows that affected the prices in the global markets. First, there were reports of Greece getting into debt issues , which was followed up by the entire European region getting into debt pileups.
Then there was the Korean war mongering coupled with the news that China will be pulling down the growth rate of the country. Finally, Germany pulled the last straw by banning naked sales of swap deals and government bonds with immediate effect.
All these pushed down the crude oil prices to below 68 dollars two days back. Now experts are projecting the price to remain in the 50 dollars to 75 dollars band till the year end.