A plunge in crude oil prices was witnessed yesterday as investors locked in on profits as they saw the greenback gaining strength in the market as they lost interest in the crude market since they once hedged against inflation and the falling dollar.

The retreat of prices helped to slightly ease inflationary pressures. The bearish trend currently seen in the market is only believed to be a correction rather than a steady downwards fall as there are still insufficient supplies especially since OPEC is insisting on not pumping more oil in the market while it believes the rise of prices was only a result of speculators.

Oil prices recorded an all time high of $135.04 per barrel also due to EIA inventories unexpectedly declining showing that world