Oil prices on a slick

 

 

Crude price volatility has struck the global economy again. After skyrocketing to unprecedented high of $147 per barrel, it has currently spiralled down to $112.39. This is a result of weaker oil demand from Uncle Sam. Analysts fear Europe and Japan might also decrease their demands. Demand has suffered its biggest fall since 1982 in the US. This seems to be triggered by the its struggling economy. Analysts have described demand in the world's largest oil consumer as ‘a basket case’. But despite this climb down, prices are still well above their levels of a year ago. The oil prices breached the $100 mark for the first time in the beginning of this year. Since than it rose like never before, with predictions and speculations of it hitting the double century mark was doing a strong rounds. Its recent down fall has thus taken many for a surprise.