When Wall Street and other stock markets rebounded, the oil prices stay steady between $60-$70.
Oil investors fear that the major economies are heading into recession, they have been taking a cue from the plunging market. A recession will cause a decrease in demand for oil and the pirce will fall further to a record low. There are a lot of bad news around the world, comsumer confidence index falls, every one expected that business conditions to be worsen in the months ahead.
Dow Jones industrial average rose 171.32, or 2.10 percent, to 8,347.98.
Earlier Tuesday, key Asian stock markets rebounded:
>Japan's Nikkei 225 index, up 6.4 percent
>Hong Kong's Hang Seng index, up 14.4 percent (biggest gain in 11 years)
European stock markets:
>Germany's DAX up 8 percent
>Britain's FTSE 100 up 3 percent.
Prices fell despite an announcement made last week that OPEC (Organization of Petroleum Exporting Countries) would cut oil production by 1.5 million barrels a day. OPEC controls about 40% of global crude oil production, has not ruled out that there will be another cut when it meets in this coming December.
Gasoline fell another 4 cents to $2.629, according to auto club AAA, the Oil Price Information Service and Wright Express. Gasoline prices will continue to fall into the $2.25 to $2.50 a gallon range with the falling price of crude.
