The crude oil price fall for the sixth consecutive session in Asian trade today because of this that the stocks of raw material is more than sufficient to meet demand, which will be very slow recovery to the economy. Oil prices continue to be quoted under $ 78 a barrel after Qatar’s Energy Minister Abdullah al-Atiya said yesterday that the Organization of the countries of exporters of oil will not change their production quotas. U.S. light crude oil with delivery in February fell by 93 cents, or 1.2 percent to 77.07 dollars a barrel in Asian trade but then recovered positions to 77.87 dollars per barrel. Last week’s contract was down by 5.7%, which was first decreased by five weeks onwards. Brent with delivery in March fell 72 cents, or 0.9 percent to 76.39 dollars a barrel in electronic trading on the London Stock Exchange.
The price of crude oil were shaken and went down due to the growing of the USD.