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Wednesday, October 15, 2008

Oil falls on doubts rescue will avoid recession, bolster demand | HonoluluAdvertiser.com | The Honolulu Advertiser

Oil falls on doubts rescue will avoid recession, bolster demand | HonoluluAdvertiser.com | The Honolulu Advertiser: "Oct. 15 (Bloomberg) — Crude oil fell below $75 a barrel for the first time in more than a year on skepticism that a rescue of the world's banks will be enough to avoid a recession and stem a decline in global fuel demand.

Oil, which has followed movements in equity markets this month as the credit crisis deepened, fell as stocks dropped today. The Organization of Petroleum Exporting Countries cut its 2009 demand forecast for a second month because of 'dramatically worsening' conditions in financial markets.

'The oil market is under a lot of pressure and nothing is going to change that anytime soon,' said Ric Navy, a broker at BNP Paribas SA in New York. 'We are entering a poor-demand cycle, which will put further downward pressure on prices."

Helge: The price of oil will change the conditions for biorefineries. Where goes the limit? Are we still going to continue along the oil-trail?
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