Fuel prices to fall further?

Monday, December 08, 2008

Analysts predict lowest oil prices for five years
Credit crunch sparks huge drop in demand
Fuel prices will drop as a result

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Analysts are predicting that fuel prices could fall to their lowest levels in five years, as the cost of oil continues to tumble.

The price of crude is currently at its lowest level since February 2005, at around $45 a barrel. It peaked earlier this year at $$150 a barrel.

Analyst Merrill Lynch says that the global downturn is to blame, as demand for oil has collapsed.

It is predicting further falls, and says the price of barrel of oil could go as low as $25 - a level not recorded since 2002.