Oil price down on fear of recession.

In this gloomy financial conditions, where everybody is talking of long term global recession, one commodity which is showing more downturn is i.e Oil. Today, Oil prices at Nymex trade is quoted at 69.85$, which is 52% lower from its peak. With less demand of Oil, stocks in some of the countries like Russia, where Oil is a key economy supporter , fall like anything. Russian bourses down around 9% today. Though low oil price will certainly heal some of the sectors which are already suffering from financial crisis, but the continuous lowering of oil prices clearly shows a recession in the global market.

Thanks&Regards,
Mohit