The Car and Truck Fleet and Leasing Management Magazine

Oil Prices Dip Below $90 a Barrel

January 28, 2008

NEW YORK --- Oil prices today dipped below $90 a barrel, amid worries about the U.S. economy and its impact on oil demand. "The movements in the equity markets reflect the sentiment on the U.S. economy and how other economies in the world may be affected ... if it slides into a deep recession," Victor Shum, an energy analyst with Purvin & Gertz in Singapore, told the Associated Press. "In the near term, oil prices will continue to react to the gyrations of the global stock markets." In electronic trading on the New York Mercantile Exchange, light, sweet crude for March delivery lost 96 cents to hit $89.75 a barrel by the afternoon in Europe. Brent crude dropped 99 cents to $89.91 a barrel on the ICE Futures exchange in London, the AP reported. Despite pressures from the U.S. to raise output, the Organization of Petroleum Exporting Countries (OPEC) is not expected to increase production levels when it meets Friday in Vienna, Austria. OPEC officials have steadfastly maintained that high crude oil prices are mostly the result of market speculation and geopolitical factors.
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