Excerpt from: Futures and Commodity News
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| November 12, 2008 | | Oil futures move lower in commodities trading | Oil prices continue to move lower today in commodities trading. Yesterday, oil prices moved solidly below the $60 a barrel mark, and today oil futures are heading below $59 a barrel.
Indeed, demand for oil is expected to decline as the global recession continues, reports CNN Money:
"We have a pretty good idea that global growth is going to be pretty
awful next year and probably not much better in 2010," said Mark
Pervan, senior commodity strategist with ANZ Bank in Melbourne. "There
was clearly a bubble scenario in all commodities and that bubble has
burst."
Despite this setback, however, oil prices are expected to rebound at some point. A supply crunch is expected by the International Energy Agency, with predictions for seriously expensive oil by the year 2030.
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