New York: The price of crude oil was $89.84 per barrel at 10:51 GMT Friday on the New York Mercantile Exchange.
This position is below than the psychological level of $90 per barrel, while experts and investors are predicting bull trends in the market in near future.
According to analysts, the core cause of recent negative trends in the market is the data issued by the US Energy Information Administration, which revealed that the US has sufficient deposits of crude oil and, against the predictions of some analysts, they aren’t falling soon.
Experts viewed that oil demand across the world, particularly in China and India would be increased in coming months.
They believe that global oil demand will break present records and hit the limit of 90 million barrels per day. Resultantly, oil bubble like that of 2008 will be repeated, during which the price of crude oil had reached an all time high of $147.
A recent poll revealed that approximately 50 percent of the relevant people are of the view that price of crude oil will hit the level of $100 before the end of spring 2011.
It is pertinent to mention here that Asian markets were also affected with the current situation of New York Mercantile Exchange
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