Oil price climbed up to above $90 on Tuesday this week; futures rose by 1.5% to trade as high as $90.76 in New York. The rise could put another damper on consumer spending and add to factors slowing the economic recovery, and hurt the U.S. auto industry significantly.
Moreover, analysts predict that the commodity will hit $100 a barrel sometime next year as demand rises from China and other emerging economies. But various factors might send prices down as well, as the spread of Europe's debt crisis could strengthen the U.S. dollar and send prices for the dollar-denominate commodity downward.
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