CRUDE oil may dip below US$25 a barrel next year if the recession that’s slashing fuel demand around the world spreads to China, Merrill Lynch & Co. said.
Global oil demand will contract in 2009 as economic growth slows to its weakest since 1982, Merrill Lynch Commodity Strategist Francisco Blanch said in a report today. In October, when oil was around US$100 a barrel, Merrill predicted that prices could drop to US$50. - Bloomberg
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