November 9th, 2009, 3:51AM in Business by Marc LequimeView Comments
As unemployment rockets to a new 27 year peak, oil prices plummeted nearly 3%, following reports on the new height of 10.2% – roughly one in every ten persons is now unemployed. In October alone, the Labor department stated that businesses cut nearly two hundred thousand jobs, laying off many people who supported their families. The current state of the energy market keeping an eye on the economy, following people cutting fuel consumption, is dreary.
CNBC states that “Oil prices have risen from below $33 a barrel last December to a high for this year of $82 in October,” while predicting a 4% rise in oil prices, people were returned with a 3% fall.
US. Light, sweet crude oil fell $2.19, finishing at $77.43 – and London Brent crude followed, falling also.
Is the economy in any shape to pick up, any time soon? Doubts are cast over the future of the economy, especially after such an appalling recession – worst-hit countries including America, Great Britain and Germany – while China and Australia remain barely affected.
Source: http://www.cnbc.com/id/33704272
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