It seems that the reasons that drive the fall in oil do not cease, to the global financial crisis and the strength of the dollar, now it is added the increase in US reserves. In the second week of October, the reserves of this country rose by 3.2 million barrels for a total of 311.4 million as announced by the Department of Energy, being the fourth consecutive week in which an increase is presented.The consequences of the announcement were not long in coming, after the news the price of crude oil for delivery in November fell 3.94 dollars to 68.24 dollars per barrel on the New York Stock Exchange. Falling below the $70 barrier, oil is at its lowest level since June 2007 and less than half the record price it reached in July this year. For its part, on October 22, the barrel of Brent oil was quoted in London at 65.28 dollars, the lowest of the last 19 months.
Speaking to Reuters, Tony Nunan, assistant manager of risk management at Mitsubishi Corp in Tokyo, said: "There is a perception that we are now going to start seeing problems in the real economy; employment, real property prices will continue to fall and the big concern now is how much economic growth is going to suffer."
