Crude Oil prices may fall to $90

A few weeks back, global analysts were as hot as crude oil, that was surging past $140 per barrel. Most analysts then predicted that crude oil would touch a record $200 soon. Now that crude oil prices are falling day by day, most analysts are changing their tones according to the times. Joyce Williams, a London-based crude oil analyst said on Sunday that the global oil prices would crash to $90 per barrel level soon, thanks to the slump in commodities market."The times of high crude oil prices are all gone. You will find crude oil prices crashing," Williams said. He pointed out that declining demand for oil and signs of economic slowdown across several nations in the world are the main reasons for the crash in crude oil prices.In the last few weeks, crude prices have come down by over one-fifth from the record highest level of $147 on July 11. Last Friday, crude prices stood at $115 per barrel on the New York Mercantile Exchange."Crude oil has lost steam.
The dream that gas prices could fall back below $3.00 a gallon is not so far fetched? Although the schemes to keep gas prices high is and will be done behind the scene. The oil companies were raking in huge profits, so it goes without saying that it would be just a matter of time before something mysteriously causes the gas prices to rise back up again. Gas prices and oil prices should inversely effect each other. If one goes down then the other should react the same way. While we have to wait weeks for the gas prices to fall like the oil prices has been doing. Let the hint of a disaster happen, you can believe that is all they need to take the gas prices back to $4.00 dollar a gallon for gas.