ForexNewsMarket.com 2/23/2009 News
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2/23/2009 Forex News
Demand for Crude Oil to Drop Within The Next Few Months
International demand for crude oil has seen a drastic drop the past 6 months and prices have followed. Despite efforts by producers to decrease supply in order to stabilize the market and a small rise in prices over the past few weeks, the demand for crude is expected to drop even further in the next few months.
As prices rose the highest on record during the summer of 2008, oil companies reported record profits. While the oil companies were reporting their financial gains, those at the pump were much less optimistic. The cost of living had risen sharply due to the cost of oil, weakening the economy among other factors.
The oil bubble finally popped when the recession in the United States began to effect the international economy in the late months of last year. As demand fell rapidly to less than half of the highest price during the summer.
Now, once again, experts predict a drop in oil prices. Is 99 cents/gallon in our future? Only time will tell.
The End of the Economic Crisis: Is It Coming Sooner Than We Think?
The international economic crisis has, in some way, been a burden on every country in the past few months. Some experts predict that the crisis will end in June or July of 2009, while others are saying that 2010 or 2011 and more realistic timelines. While economists disagree on when the crisis will subside, they agree on one thing, it will get worse before it gets better.
While we may not know exactly when countries' economies will again be in full swing, we can predict that the early summer months are 2009 bring hope and, with Obama's stimulus plans, these months bring the best opportunity for economic recovery.