Crude oil prices Fall According to Dani Commodities Report

After a minor spike that drove the futures value to $90, crude oil prices have taken a drastic fall in Asia, according to a Dani Commodities report. The sudden decline of these commodity futures is largely due to the preceding sharp decline in oil inventories, as well as a general decrease in global stockpiles.

The International Energy Agency has issued several reports that all predict an abated demand for oil in the coming month. The decrease is marked by continuingly deteriorating national and global economies, as well as the ensuing ever-growing feeling of unease amongst people and investors.

The Agency has posted rather bleak predictions for crude oil demand across the globe, with Parisian IEA numbers showing a 200,000 barrel a day dip this year, and a further 400,000 decrease in the next 12 months. Despite overall oil demand rising globally 1.2% to roughly 89 million barrels daily; crude oil stocks have already taken record drops in value, with some nations dipping further down than they did during the peak of the initial economic downturn in 2008.

The New York Mercantile Exchange has posted a 2.3% increase in crude oil delivery for the month of October. The slight rise is equal to $2.02, which settles the commodity at $90.21 per barrel. This increase comes as a result of some light momentum that the commodity has generated over the course of the past few months.

A meeting of the U.N. Finance Ministers is to be organized in Wroclaw, Poland on September the 16th and 17th. The meeting will deal with the deteriorated state of global economy and is the latest in a series of sessions organized by the European Economic and Financial Affairs Council, otherwise referred to as Ecofin.