Oil prices have fallen once again amids fear of a global economic recession and declining demands. The decline came as US crude oil stocks rose to 3.2mn barrel on 17th October which is higher than expectations. US light crude oil fell to $66.73 a barrel which is lowest in the last sixteen months.
The global financial crisis has played havoc with world economies. Stock markets are jittery, banks are facing poblems, some banks have collapsed, some banks were on the brink of collapse and were rescued by governments through huge bail-out plans.
There are no signs that this crisis will end soon. President George Bush will host a summit in the United States to discuss this economic crisis in which leaders from G20 countries and leaders from emerging market countries, India, China and Brazil will participate. I think that other countries who are facing serious financial problem should also be invited to hear their problems and their viewpoints.
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