Oil Prices Down. Decline May Continue
These are expert opinions, which in reality are nothing more than speculation. However, it was also speculations that are widely being blamed for the rise of crude oil to its record high level of $147/barrel. According to OPEC President Chakib Khelil, oil prices could go down and remain stable at $78/barrel given the right circumstances. The critical factors mentioned are dollar stability and improved political situation regarding Iran.
At present, oil prices are down to $121.76 mainly due to fears of reduced demand from its largest buyer, the United States. The US economy is said to be on a slowdown creating a parallel decline in the country's oil requirement.