Crude Oil price falls by $10 a barrel in New York

The rise in crude oil price is the big challenge for the global economy. Many countries have been reeling under the crisis due to the rise crude oil prices in the global market. In India, the impact is very high; as a result in order to meet the crisis recently the government raised the prices of petrol, diesel and LPG. The sharp fall in the crude oil prices may have positive impact on many economies in the world.

Crude oil prices fell sharply in the global market on fears that a further economic slowdown in the US may hit the demand. Prices plunged more than $10 a barrel in New York, it is recorded as the maximum drop in last 17 years. The OPEC warned that the higher prices could curtail global demand for crude; it could be the reasons for the sharp fall seen in the crude price. Meanwhile, the US President, George W Bush, has lifted a ban on offshore oil drilling. But it can't begin without the approval of Congress. He said there can’t be quick fix solution to the ongoing oil crisis, according to the media reports.