Oil prices have dropped sharply in recent weeks with the economic crisis and lower consumption in developed nations. In New York , oil futures fell 8% to $68.57 a barrel Thursday – their lowest level since June 2007. It did move back up to $ 70.88 a barrel by midday but overnight retreated to $69.85 Oil has lost more than half its value since hitting a record $147.27 a barrel in July.
Who Controls Oil Prices? – IMF World Bank – OPEC – Iraq Iran – Investors – New York London – ICE Inter Continental Exchange – here’s a some what disturbing video answer