Oil price fails to reach $100 a barrel

The oil prices were up before the last week and it reached above $90 to $99.11 a but the last week brought down the prices again to below $90. Since October 24 the prices are above $90 a barrel and last Friday it went down to $88.71.

The reduction in price has started speculation amongst the market experts who are claiming that this year the prices will not touch the $100 a barrel mark.

The intermediate crude oil for January cost $89.31 a barrel for delivery in New York.
The market closed at $89.67 a barrel on Monday. The reduction in oil price will further lower the cost of Gasoline and it reduced by 20 cents.