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Reduced demand fears pull down crude oil prices

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Reduced demand fears pull down crude oil prices

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Oil prices have been down again, with US crude falling below 60 dollars a barrel, as the world stock market falls raise concerns that global economic growth is going to slow, reducing demand. Oil had held steady all last week helped by reduced US fuel reserves and the prospect of sanctions against Iran in reaction to its standoff with the West over its nuclear programme.

Despite the retreat, oil prices remain near their highest in two months and well above the twenty month lows they hit in mid-January of under 50 dollars a barrel. Analysts said that the producers’ cartel OPEC will probably keep production quotas unchanged when oil ministers meet in mid March.