With both China and the U.S. slowing down economically the price of oil has been sliding on a slippery path. As the two largest energy consuming countries curbed their demand for oil most people are not surprised at the longest losing streak that oil has seen for seven weeks.
The indicators for economic growth around the world have been sluggish as per Toby Hassal, a commodity analyst at CWA Global Markets Pty in Sydney. As global growth feeds fuel demand, the prices of crude oil have been dropping for the last four days consecutively.
Oil prices per barrel for crude oil on Thursday dropped to $74.70 in the New York Mercantile Exchange in electronic trading. For London based ICE Futures Europe Brent crude for August delivery dropped to $72.11 per barrel.
Oil prices are seen down by 8.4 percent this year. They have been fluctuating from $64 per barrel to $87 based on investor fears on the impact of Europe's debt and fiscal crisis on the global economic recovery.