The Low Price of Oil
{ Posted on Jun 04 2009 by }
The raw oil price has been dropped in the last seven months on 3 June 2009. Before that, in America the high price of raw oil indicated the reduction of oil demand and the US dollar rebound.
In London, the Brent raw oil for July was dropped from 2.29 US dollar to 65.88 US dollar.
Meanwhile, the oil market is also influenced by the report that OPEC doesn’t follow the agreement for reduction of oil production. OPEC who produces 40% of raw oil in the world, has cut the oil production three times last year in order to stabilize the oil price.
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