With Crude Oil contracts for March delivery beginning this week, traders will notice a slightly different price level for this invaluable commodity. As February contracts came to a close, it is important to note that both contracts are in a price free-fall despite the difference in price level. While February contracts closed around $34 a barrel, March contracts are opening around $42 a barrel, but both are under the same downward pressure from falling global demand.
As economies continue to suffer under the weight of the recent economic recession, energy consumption also continues to fall. As such, demand for Crude Oil is expected to decrease steadily over the following months. Many economists are actually beginning to cut their forecasts in half for energy demand in 2009. This signifies the ever-present belief that Crude Oil prices will not rebound anytime soon.