Just a few months ago we where witnessing the heavy rise in oil prices, with prices peaking at about $150 a barrel. Yet, now, oil prices have fallen to about $70 a barrel, less than the prices were before the rapid growth.
All the major oil producers and consumers are going to meet in Saudi Arabia today to discuss the prices of oil, because such a low price could really lead to the defecit.
Many of us have probably been affected by the price of oil, for example, through petrol prices. The prices back in it’s peak hit me hard, with an average litre of gas almost doubling its price. And now that the price has heavily decreased, spending on petrol seems like using spare change.
It brings the question of stability of oil though. Many investors back in about June/July could have lost a lot because of the unexpected decrease. Still, hopefully that meeting shall sort a few things out.
