Crude Oil Prices Fall on Global Economic Slowdown

Crude Oil prices continue to fall this week, and oil is trading at less than $127 dollars per barrel this morning on the New York Mercantile Exchange. The price per barrel has fallen by more than $18 dollars over the last nine days, in part due to a global economic slowdown that is expected to ease the demand for oil.

Oil prices were expected to recover somewhat as Hurricane Dolly moved toward landfall in the Gulf of Mexico, but Dolly has managed to steer clear of major oil infrastructure so far. The hurricane is expected to dump as much as ten inches of rain on Brownsville, Texas today.

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