Oil market review: the "black gold" is getting cheaper
Concerns about the outlook for the global economy are weighing on oil and petroleum productswhich are becoming cheaper for the second day in a row. Investors are mainly worried about the problems of Ireland, which decided to accept the help from the EU and the IMF to overcome the internal crisis. The economic instability in the Eurozone may put negative pressure on the "black gold".
Oil also declines due to the actions of the Chinese government, which is taking measures to cool the "overheated" economy, in particular, the introduction of higher reserve requirements for banks.
At NYMEX crude oil fell $0.24 (0.3%) to $81.74 a barrel. In London Brent oil dropped 0.62% to $83.81 per barrel. Heating oil fell 0.32% to $2.145 per gallon; gasoline for January delivery fell 2.3% to $2.145 per gallon.