Oil Prices: Down And Heading Lower

摘要

The worst oil spill in U.S. history was not enough to prevent crude oil prices from falling nearly 10 percent over the past three months-the first quarterly drop since 2008-as the sluggish world economy kept a lid on demand. With growth expected to remain weak, prices may keep moving lower through 2010. "Getting out of the worldwide recession was always going to be a long slog," says Adam Sieminski, chief energy economist at Deutsche Bank in Washington, who predicts oil will average $65 a barrel in the third quarter and $70 in the fourth. "It's always been our view that the second half of 2010 was going to be a tough period." Crude oil ended the month of June at $75.63 a barrel.