There is a huge crash in crude oil prices still the authorities are promising to supply the gasoline at lower rates. This is too real to believe. The prices of the commodities including the crude oilheaded back up on Friday. The job policy of United States has showed that U.S. is an economystronger than everyone thought. And this resulted in the increase of the consumption of fuel asstronger the economy more is the fuel consumption.
The price of oil fell after the reveal of a very weak report on the new claims for the one who are unemployed produced by U.S. delegates. On Thursday it closed at $99.80 per barrel which was for the first time it closed under the benchmark of $100 since mid-March. This all happened due to the reports on the job as it proved to be stronger than it was expected.
Peter Beutal, the president of Energy Risk Manager Cameron Hanover commented on this situation. He suggested if the price level is stagnant and is stick to this level only then there is the possibility of a high increase of the price of the commodities. He added that it was some what hazy whether the sell-off exceeded a blip or not. The crude oil prices rose for continues 44 day which in turn resulted in the higher price of gas at gas station. The lowering of crude oil prices was good news although it was too early to say that we had turned the tide said Nigel Gault, thechief economist for IHS Global Insight.
