NEW YORK – Crude oil prices fell below the level of thin $ 70 per barrel in trading Monday (14/2/2009) local time, had even touched the level below USD68 per barrel. Kian terkoreksinya the price of this black gold, along with the high amount of reserves in the United States.

As reported by the Assosiated Press, Tuesday (15/12/2009), after a report released by the Organization of the Petroleum Exporting Countries (OPEC) has held a meeting in Angola to discuss oil production and the existing supply. Oil supply in the country Uncle Sam has been strengthened during the last 10 weeks, as refineries reduce production capacity.

Thus, the price of oil for January delivery contract, corrected 36 U.S. cents to as low as USD69, 51 per barrel on the New York Mercantile Exchange (NYMEX), even had dropped to USD68, 59 per barrel. While in London, the price of Brent oil for January rose 1 cent to U.S. $ UD71, 89 on the ICE Futures.

The price of oil is dependent on the movement of U.S. dollars, rather than demand in the field. So that when the U.S. dollar strengthened, oil prices had slumped due to be expensive for investors.