Crude oil prices took a slide losing the gains it had recorded the other day as a result of the expected Tropical Storm Fay probably missing oil facilities in the Gulf of Mexico, this facility is responsible for a fifth of the total U.S. production. Now once again the attention went towards the global slowdown and the dampened demand from major economies as prices were limited from gaining. The contract shed $0.90 closing at $112.87 while recording a high of $115.35 per barrel and a low of $112.00 per barrel.
Today markets remain bearish as crude oil prices extend their fall yet still not a long way as the unrest between Russia and Georgia is still visible in the markets. Also a support that is keeping prices from slipping too much is that this is the hurricane season so investors expect more storms heading towards parts in the U.S. also known as the world's biggest crude consumer, they are hazardous about entering the markets just yet. The markets today opened at $113.11 recording a high of $113.42 per barrel and a low of $111.76 per barrel so far.
The major market mover currently is the global slowdown as demand will become more crippled as economies continue to slide close to recession. The fall in prices eases economies' inflationary pressures since already many of them have inflation rates past their banks' target set rate as a result of soaring of energy prices seen lately. Black gold prices will continue to fluctuate as long as there is confusion floating in the markets.