Oil prices have dropped further by around 2% and near $91. You can get latest-updates of oil prices on Oil prices In my earlier post, i had asked the following question :
Today's crude oil demand is comparable to the demand in June 2007... The around 5% drop in crude-oil demand in US seems to more than offset the demand increase in the rest of the world. Does that mean crude oil prices will fall to the level of those in June 2007 ? i.e. touch $80 a barrel ?
Now, ofcourse, the OPEC has rolled back its excess production. But still, i have started thinking it is more and more likely that oil will settle somewhere between 80-90. Near $80 would be great :) have to buy air tickets sometime in next month. Will the falling prices result in fall of air tickets? Eventually yes, but in the next month or two? I dont know. Must wait and see.