Summary: Oil prices have been severely hurt by the continuing weakening of the global economy. West Texas Intermediate last week dropped daily from $54.43 per barrel to close at $40.81 after Opec deferred to its Dec 17 meeting in Algeria a decision on whether to cut its supply quota. Meanwhile, auto sales in the US fell by 37% year-on-year in November, marking the 13th consecutive month of plunging sales. However Opec is urging independent oil exporters, such as Norway, Russia and Mexico, to help the cartel stabilise the oil market.
Personal Response: I think I agree too. But sometimes, if the oil price decrease so quickly. It’s may increase very high price too. So Opec should be made the policy that protect for high level of oil price. Because the people interest in the alternative energy.
From : Bangkokpost
http://www.bangkokpost.com
By Wanaphorn Nawan Section 6911 No.5 ID: 1490100870
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