Oil was easily over 100$ a barrel in USA especially New York, but recent developments in Japan, the earthquake and the Tsunami slashed the oil prices below 100$ in New York USA.
Some experts stated that the demand for oil may reduce drastically in the coming weeks especially in the regions affected by the Japan 2011 earthquake and Tsunami, and hence reduce the oil prices even further.After China and the USA, Japan is the next biggest consumer of crude oil and many other commodities, all of which are going to be hit in the coming weeks.So the coming weeks will not be good times for commodity traders and oil merchants especially in areas around Japan and even in countries like Australia and New Zealand.
Crude oil prices further fell as Suadi Arabia put up some new strict rules for oil exports.Saudi Arabia delivers about a quarter of worlds oil and hence is a linchpin in oil industry, this is definitely worrying countries such as India, China Etc.
Some experts stated that the demand for oil may reduce drastically in the coming weeks especially in the regions affected by the Japan 2011 earthquake and Tsunami, and hence reduce the oil prices even further.After China and the USA, Japan is the next biggest consumer of crude oil and many other commodities, all of which are going to be hit in the coming weeks.So the coming weeks will not be good times for commodity traders and oil merchants especially in areas around Japan and even in countries like Australia and New Zealand.
Crude oil prices further fell as Suadi Arabia put up some new strict rules for oil exports.Saudi Arabia delivers about a quarter of worlds oil and hence is a linchpin in oil industry, this is definitely worrying countries such as India, China Etc.
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