The crude oil traders were in for a crude shock today, as the prices crashed by over 4 dollars in a single session. At the middle of today’s trading, the crude oil prices were seen trading around the 72.9 dollars, which is a steep four dollars drop.
The European region is showing more signs of crack, and over the next few days people are expecting Greece to collapse. Also the UK central bank has decided not to continue with the Quantitative easing measures, as there are inflationary pressures.
All these are not auguring well for the crude oil market, and also many other industrial commodities. The rift between China and US is also growing, which is adding to the global uncertainty.