Oil Falls Back Under $90

Rebecca Roberts; Energy and Oil; 10/8/2008, 10:50pm

Singapore reported earlier today that the world's oil prices fell back under $90 a barrell. It was reported that in NY's main contract was down to $89.60 just after an uphill battle to $90.06.
The Brent North Sea, in London, crude for November slightly experienced a small dip in price to $84.40 after rising 98 cents to $84.66. That is not the ending to the dip in prices alone.

According to Tony Nunan, Mitsubishi Corp in Tokyo, there is a growing problem with prices right now and the economy. Nunan seems to believe that the economy worldwide will get worse before it gets better any time soon.

In Asian countries alone crude oil shares were down, some records show that they are at the lowest in the past five years. In Japan oil shares were down 4.54%, and Hong Kong was down 5.1%.

According to OPEC, the original projections for 2008 and 2009 crude oil prices were to estimated at $126 but are now at $112. OPEC has concerns that with the high demand for crude oil and the instable economy anything at this point would be speculation.

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