The continuing Greece financial situation, coupled with weak economic indicators from Germany and UK are haunting the global crude oil prices. The prices have once again dropped by over two dollars in the last few days to hit below 73 dollars in yesterday’s trade.
The crude oil prices are expected to remain weak in the coming months, as one of the largest consuming country, China has decided to curtail consumption. A drop in Chinese consumption could well pull down the crude oil prices below 70 dollars in the coming weeks.
The key reason behind the solid recovery in crude oil prices in the last one year has been China, and it could well become the reason for the impending crash in crude oil prices in 2010.