Financial Crisis USA 0.3 Crude Oil & OPEC

The biggest decline in Crude oil prices from its height we saw in July.
So why did the oil price start falling like this after it was peaking to record high?

With the bad economy consumer spending started going down. With that demand for gas in developed countries start decline for the first time. With the bad demand, the expected decline in prices is what we are seeing now.

This week OPEC CEO Chakib Khalil had discussions about reducing the crude oil production to stop the fall of prices. With a low demand cut in quantity will help stop falling crude oil prices. But the question is, "is it going to help the global economy which is in the thin ice of a recession"

If as a result of this reduction of production of Oil, prices start going up, it will not necessarily help to boost the bed rock of economy; consumer spending.

If you have any comments about whats happening today with the crude oil prices and how it will effect your life, dont forget to leave a note here.