Crude Oil Falls to Six-Week Low on Fears of Global Recession

Bloomberg reported that oil plunged to its lowest in more than six weeks on fears of another recession.

The market news is quoted as saying:

Oil may fall next week, the Bloomberg survey showed. Twenty-two of 40 analysts, or 55 percent, forecast oil will decline through Sept. 30, while nine respondents, or 23 percent, predicted prices will increase. Nine estimated there will be little change. Last week, 45 percent of the surveyed analysts projected a drop.

“Oil prices have reacted strongly to the deterioration of the economic environment,” Christophe Barret, a London-based analyst at Credit Agricole SA, wrote in a report today.

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