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Fears of an economic slowdown in the US, and a consequent spread of the crisis to Europe and other parts of the world, resulted in oil prices falling over 12 per cent since Monday, the largest weekly fall since early 2004.
“It’s difficult to say where oil prices will be in the near future. It’s just very volatile. But there seems to be consensus that prices will fall in the near future because weakening economies cannot afford to buy oil at higher prices,” said a Mumbai-based analyst with a global advisory firm.