The crude oil prices have started going down drastically after settling near forty dollars to a barrel. The drop is coming on the back of pathetic economic data from US in terms of more job losses, more business closures, crashing exports and dwindling bank credit to the industries. The crude price at nearly 35 dollars now is a sharp 75% below the peak price of 147 dollars to a barrel achieved just few quarters back.

Experts tracking the crude oil prices say that with receding exports from key crude consuming countries like US / Europe / Japan and China, we can expect the crude oil prices to remain under pressure for at least another two or three quarters. They predict that the crude price will remain in the 30 dollars – 55 dollars band till 2009 end. Only after the flow of indicators of economic reversal in US and other major economies, we can expect the crude oil prices to start moving up beyond 55 dollars to a barrel, say these experts.