Oil down $69.85 a barrel a 14 month Low

Credit: herzogbr

With a global economic recession looming, the demand for oil will be slashed. This is forcing prices to a 14 month low. Since July 2008, oil prices have declined 50%.

Japan’s Nikkei took a beating last night, down more than 11%. This represents the single worst single day performance in more than two decades. With U.S. markets opening to this news, I am sure it put pressure on oil futures.

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