From The BBC:
The price of oil has fallen below $60 a barrel, as concerns persist about the state of the world economy.Crude oil for August delivery slipped 54 cents to $59.87 a barrel, having fallen as low as $58.72. In London Brent crude fell 60 cents to $60.50. Persistent concerns about the state of the world economy, following poor economic data, have sent oil prices lower recently. The International Energy Agency (IEA) predicts demand to fall 2.9% in 2009. The IEA said as developing nations recover economically, this will help boost the price of oil but it predicts demand will not rise until 2010. Oil prices had started to recover recently, from a low of around $30 a barrel, but have slipped again amid signs that demand for oil will remain low for some time. Last July, oil peaked at around $147 a barrel. Corporate earnings”All the focus is on demand,” said Christopher Moltke-Leth, head of sales trading at Saxo Capital Markets. North Americans have reduced their overall spending, including how m…
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