Crude oil continues to trade at 118 dollars a barrel. This is definitely a more dangerous scenario which can hit not only the developing countries but will also start badly hurting good part of developed economies. This can have a cascading effect of global level depression. Only the oil and gas producing countries seem to be gaining from this with the entire rest of the world in receiving / recession condition. The sooner the crude oil prices goes below 80$, the better it is for the world.