Analysts say economic recession will make oil prices fall below $50

Analysts say economic recession will make oil prices fall below $50

According to Reuters, Philippe Villelej, a prominent oil analyst, said on October 3 that due to the current global financial crisis that will reduce oil demand, the depth of the global economy and the ongoing recession are likely to push oil prices. Pushed below $50 per barrel.

As an independent oil analysis expert who recently joined Calgary’s Haskayne Business School, Wilhelm said in an interview with a media reporter that if the global economy goes into recession and economic activity slows down, the demand for crude oil will decrease and oil prices will not be maintained at every The barrel is on the level of about $100.

Villetje said: "If we are really caught in a serious recession, then you can see that the price of oil will fall below $50 a barrel."

On October 3, the price of oil fell from a record high of US$147.27 per barrel in July to US$93.65 per barrel, and many forecasting experts have predicted that oil prices will decline further due to the slowdown in industrial activity.

Meanwhile, Merrill Lynch analysts said in a report on October 3 that if the current economic slowdown deteriorates into a recession, then oil prices may fall below 50 US dollars per barrel in 2009.

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