Financial market turmoil causes crude oil price to fall below $100 a barrel

news of the bankruptcy filing of Lehman Brothers in the United States caused turmoil in global financial markets, with European and U.Sstocks falling sharply and causing crude oil prices to fall below the $100-a-barrel mark, and on September 15th the price of crude oil on the New York Mercantile Exchange plunged more than 5 percent to settle down to $95.71 a barrelAnalysts expect concerns about a global slowdown to push crude oil prices back into the dolcethe subprime mortgage, the White House in July forecast real GDP of 1.6% in 2008 and 2.2% in 2009Six months ago, the White House forecast real GDP of 2.7% in 2008 and 3% in 2009, down 1.1% and 0.8%, respectivelyA year after the subprime crisis began, U.SGDP data show that the macro economy has been badly affected, with some saying the crisis is nearing an end, but weak U.Seconomic data continue to show that the crisis is not overThe crisis began to spread from the financial sector to other areas, with the number of u.Sunemployment at 455,000 in August, well above expectations and a near six-year highThe unemployment figures reflect the spread of the crisis to various sectors of the economyAs a result of the crisis, major industries such as the U.Sauto market and the real estate market are in the doldrums, sales of new cars and light trucks in the U.Swill fall by about 10 percent to 14 million units in 2008U.Shousing starts fell 11 percent in July from a month earlier to a 17-year low, according to the Commerce Department at the end of AugustMeanwhile, the U.S Labor Department reported a 1.2 percent month-on-month increase in the producer price index, beating market expectations The risk of inflationary pressures and recessions, and the constraints on the Fed's actions, has led to a delay in the US to enter a cycle of inflation-suppressing interest rate hikes, and even so, the economy has not improved and has slipped unaditably Moreover, the Fed's failure to raise interest rates to save the economy has not affected the dollar's strength the dollar's strength was not helped by a bullish US economy, but from the subprime crisis, which spread from the US to other countries, making developed countries such as Europe and Japan look worse In the second quarter of 2008, the EUROPEAN Union countries, led by Germany, France and Italy, experienced a collective recession, with the EU's overall decline reaching 0.2% And that has led to renewed concerns about whether Europe's economy will survive the global economic slump triggered by the subprime crisis At the same time, Japan has seen negative GDP growth As a result, the dollar rebounded from its lows and rose strongly, with the dollar index rising more than 10 per cent A stronger dollar hit commodity prices directly, with crude oil, the commodity leader, bearing the brunt subprime crisis has led to a slowdown in economic growth, while poor economic conditions have led directly to a decline in demand for crude oil In January, the U.S Department of Energy forecast that the U.S would consume an average of 20.96 million barrels of crude oil per day in 2008, down to 20.51 million barrels in May, and in September the U.S cut its energy consumption to 20.07 million barrels, giving U.S crude consumption a negative growth of 610,000 barrels per day from 2007 demand Falling demand has become the most important force in the fight against oil prices, which failed to boost even the devastated Hurricanes Gustav and Ike when the oil bubble was punctured Emerging market China has also been adversely affected by the subprime crisis, China's exports have been hit by the global economic slowdown, many exporters along the coast have stopped production, and exports have been the most important driver of China's economic development, as a result of China's GDP growth in 2008 is likely to be less than 10%, China's real estate and auto markets have shown signs of slowing growth the government cut interest rates on September 15th after a slight fall in inflation, meaning that China's economy is already at risk According to a report by the U.S Department of Energy, China's crude oil demand fell more than expected on economic factors, with a forecast in January that China would consume 8.12 million barrels of crude oil per day in 2008 and 8.01 million barrels a day in September, a decline of more than 100,000 barrels per day And in the first half of the year, China has imported a lot of crude oil due to power shortages and oil shortages, and it is conceivable that China's demand for crude oil will decline in the second half of the year compared with the first half So, after the subprime crisis, the two major demand markets in the United States and China saw a slowdown in growth, the fall in oil prices is certainly inevitable news of the bankruptcy filing of the Lehman Brothers in the United States caused turmoil in global financial markets, with European and U.S stock markets falling sharply and causing crude oil prices to fall below the $100-a-barrel mark, and on September 15th the price of crude oil on the New York Mercantile Exchange (NYMEX) plunged more than 5 percent to settle down to $95.71 a barrel Analysts expect concerns about a global slowdown to push crude oil prices back into the dolce the subprime mortgage, the White House in July forecast real GDP of 1.6% in 2008 and 2.2% in 2009 Six months ago, the White House forecast real GDP of 2.7% in 2008 and 3% in 2009, down 1.1% and 0.8%, respectively A year after the subprime crisis began, U.S GDP data show that the macro economy has been badly affected, with some saying the crisis is nearing an end, but weak U.S economic data continue to show that the crisis is not over The crisis began to spread from the financial sector to other areas, with the number of u.S unemployment at 455,000 in August, well above expectations and a near six-year high The unemployment figures reflect the spread of the crisis to various sectors of the economy As a result of the crisis, major industries such as the U.S auto market and the real estate market are in the doldrums, sales of new cars and light trucks in the U.S will fall by about 10 percent to 14 million units in 2008 U.S housing starts fell 11 percent in July from a month earlier to a 17-year low, according to the Commerce Department at the end of August Meanwhile, the U.S Labor Department reported a 1.2 percent month-on-month increase in the producer price index, beating market expectations The risk of inflationary pressures and recessions, and the constraints on the Fed's actions, has led to a delay in the US to enter a cycle of inflation-suppressing interest rate hikes, and even so, the economy has not improved and has slipped unaditably Moreover, the Fed's failure to raise interest rates to save the economy has not affected the dollar's strength the dollar's strength was not helped by a bullish US economy, but from the subprime crisis, which spread from the US to other countries, making developed countries such as Europe and Japan look worse In the second quarter of 2008, the EUROPEAN Union countries, led by Germany, France and Italy, experienced a collective recession, with the EU's overall decline reaching 0.2% And that has led to renewed concerns about whether Europe's economy will survive the global economic slump triggered by the subprime crisis At the same time, Japan has seen negative GDP growth As a result, the dollar rebounded from its lows and rose strongly, with the dollar index rising more than 10 per cent A stronger dollar hit commodity prices directly, with crude oil, the commodity leader, bearing the brunt subprime crisis has led to a slowdown in economic growth, while poor economic conditions have led directly to a decline in demand for crude oil In January, the U.S Department of Energy forecast that the U.S would consume an average of 20.96 million barrels of crude oil per day in 2008, down to 20.51 million barrels in May, and in September the U.S cut its energy consumption to 20.07 million barrels, giving U.S crude consumption a negative growth of 610,000 barrels per day from 2007 demand Falling demand has become the most important force in the fight against oil prices, which failed to boost even the devastated Hurricanes Gustav and Ike when the oil bubble was punctured Emerging market China has also been adversely affected by the subprime crisis, China's exports have been hit by the global economic slowdown, many exporters along the coast have stopped production, and exports have been the most important driver of China's economic development, as a result of China's GDP growth in 2008 is likely to be less than 10%, China's real estate and auto markets have shown signs of slowing growth the government cut interest rates on September 15th after a slight fall in inflation, meaning that China's economy is already at risk According to a report by the U.S Department of Energy, China's crude oil demand fell more than expected on economic factors, with a forecast in January that China would consume 8.12 million barrels of crude oil per day in 2008 and 8.01 million barrels a day in September, a decline of more than 100,000 barrels per day And in the first half of the year, China has imported a lot of crude oil due to power shortages and oil shortages, and it is conceivable that China's demand for crude oil will decline in the second half of the year compared with the first half So, after the subprime crisis, the two major demand markets in the United States and China saw a slowdown in growth, the fall in oil prices is certainly inevitable (name)