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Q1) Sketch a supply or demand curve shift for the following article...(make only one shift).

Crude Gets Pushed Under $38

Price of oil fell on Monday, January 12, 2009 as weak economy has undermined oil demand. Light, sweet crude for February delivery fell $3.24 or 7.9%, to $37.59 a barrel. Last week, oil fell nearly $8 a barrel as report from Labor Department showed the nation's economy lost a total 2.6 million jobs last year. December unemployment rate jumped to 7.2%, its highest level in more than six decades. To make matters worse, price of oil lost more than half its value in 2008. Global economic slowdown has undermined demand. 

Monday's decline comes despite recent reports that Saudi Arabia plans to cut output by up to 300,000 barrels per day below its previously announce target deduction. Members of the Organization of Petroleum Exporting Countries (OPEC) have been drastically cutting back supply in attempt to stop rapidly falling price of oil.  But strategy has had limited success as supply levels remain high and demand continues to deteriorate.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922768

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