Oil price drops on job losses

Crude Investing News reports oil prices fall as US employers cuts over half a million of jobs.

It has been a roller coaster ride so far. In 1999, the price of oil hovered around $16 a barrel. In July 2008, it reached a peak of $147 a barrel. By the end of 2008, as most of the world fell into recession, prices plunged to below $49 a barrel, a roller coaster ride that left both producers and consumers confused.