Middle East: 4 hours, 37 minutes ago
After falling more than $2 on Tuesday, oil prices have now plunged $100 below their record peaks reached less than four months ago. New York light sweet crude for January dropped $2.32 to close at $46.96, the first time the benchmark contract has settled below $47 since May 2005.
Oil may fall to a single digit, says economist
Middle East: 53 minutes ago
The sharp decline in oil prices due to the ongoing economic crisis could result in drastically low oil prices ranging between $15-$20 per barrel or even a single-digit per barrel, according to Simon Williams, chief economist, Gulf markets at HSBC. He said the worst-case scenario would be similar to the 1990s Asian crisis, reported Arab News.
Lets see how far they will slide..........