Crude prices fell on Friday as the U.S Employment Report came out showing the worse downfall in employment since World War II. This illustrated once again, along with other pessimistic economic indicators that were released the past period, that the U.S is slipping further in a worsened and deepened recessional phase in which of course the levels of productions are weak alongside with an ongoing crippled demand on energy, not forgetting that the U.S is the biggest oil consumer. As a result, crude prices closed at $40.83 a barrel recording a high of $42.70 per barrel and a low of $39.38 per barrel, detecting a slight $0.87 shed in the oil contract.
Today, oil prices continued falling as the continuous release of worsened economic data from the U.S and the rising of the unemployment rate demonstrated and forecasted that the oil consumption will fall further despite the last oil production cuts by OPEC, which owns 35% of the crude that is globally produced. So far, crude prices opened at $40.55 a barrel recording a high of $40.80 per barrel and a low of $39.73 per barrel.
As we could see, once again, the endlessly pressures of the crisis is constantly eroding the appeal of the black gold market regardless of the geopolitical tensions that are still present in the Middle East as the outlook of the biggest oil consumer is constantly darkening.