The oil prices have been very volatile lately. According to the data published by Energy Information Administration, U.S., the Europe Brent spot price has touched a daily average high of $143.95 per barrel on July 3, 2007 during the bull phase and then fallen to a low of $33.73 per barrel on Dec 26, 2008. The fall from the peak has been quite steep and was triggered with the slowdown in the demand of oil owing to the economic recession and credit crunch.
May 10, 2009
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