As demand slows down, there is a possibility of prices falling further. Analysts see prices hovering between $50-60 a barrel, in the near future. Crude oil's average price has been around $35 a barrel in the past but the energy crisis and increased demand from developing countries saw oil prices rise, making it one of the most expensive commodities.
Oil prices have crashed in the past as well. In the 1980s, after prices fell, it took about the decade for prices to recover again.
A look at the yearly and daily basket price of crude from OPEC.
Yearly price
1995 --- 16.86
1996 --- 20.29
1997 --- 18.68
1998 --- 12.28
1999 --- 17.48
2000 --- 27.6
2001 --- 23.12
2002 --- 24.36
2003 --- 28.1
2004 --- 36.05
2005 --- 50.64
2006 --- 61.08
2007 --- 69.08
2008 --- 106.55
Daily price
26/9/2008 97.9
29/9/2008 94.09
30/9/2008 90.32
01/10/2008 89.99
02/10/2008 89.27
03/10/2008 86.36
06/10/2008 81.56
07/10/2008 80.04
08/10/2008 77.37
09/10/2008 78.24
10/10/2008 72.67
13/10/2008 71.96
14/10/2008 73.49
15/10/2008 68.58
(Oil prices in dollars, source: OPEC)
Image: A petrol station attendant finishes filling up a car in Hong Kong. | Photograph: Laurent Fievet/AFP/Getty Images
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