For the first time in the last 52 weeks, crude oil prices closed at a level lower than what it was a year ago.?

Yes, that is true. People were worried when Oil touched 147 a barrel in July. Back then the forecasts said, Out will soon touch 200. It would said by this year end oil will touch 200 a Barrel.


In India, Government was keen on imposing Windfall tax for the gain Oil Companies were getting out of the booming prices





But now all tables are turned. Oil has touched lower than last year levels. The present Global Financial Crisis is taking a toll on this sector too.


People have lost faith in commodities. They only want Liquidity in its purest form.





Need to wait and watch for the future. OPEC is taking stringent measures to revive oil prices. It is planning a cut in Oil Supply.


OPEC accounts for 40% of Global oil supply. A cut in supply by OPEC may see some surge in prices.