In late May the price for a barrel of Brent Crude oil fell below the $98 mark for the first time in sixteen months.
Oil has now (June 22) tumbled to below $80 per barrel in New York owing to concern that the European debt crisis will drag the global economy down, reducing demand for oil.
Previously the primary cause of the lowering oil price is a slump in demand from China also caused by demand from Europe falling for a host of goods primarily made out there.
It should be good news for both business and domestic users as the consequent pricing falls should pass down the chain to consumers.
