While the economic recession has spelt doom for many, this could be a bit of good news.
Oil prices, which were zooming to all-time highs have crashed. Oil prices have hit a 13-month low of $68.50 a barrel.
Oil prices had crossed the $100-mark for the first time in 2008. The prices further zoomed to $147 in July. There were even predictions that oil would hit the $200 mark!
The surge in oil prices was alarming...the fall in the dollar rates was one of reasons for the rise in oil prices. A weaker American currency tends to increase the demand for dollar-denominated oil as it becomes cheaper for buyers using stronger currencies. Oil prices also rose as investors saw it as a safe investment amid fears of rising inflation and a US recession.
However, demand started slowing down drastically in the wake of the recession in developing countries. The downslide began...
Image: Two jack-up rigs stand at shipyard in Singapore.| Photograph: Roslan Rahman/AFP/Getty Images
Also read: Thousands more to get the pink slip!
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