The world has at least some thing to cheer about, amidst all the turmoil it is facing. We are hearing one after the another bad news in the form of more troubles in the banking and insurance sectors across the US and Europe and Japan. The global financial system is in a mess and exports for most of the countries are crashing. Automobile sales are plunging and nobody knows whether the three US auto majors will survive the coming months or not. Even if the current weak demand condition continues for another few months, one or more of the three US auto majors might become history.

There is a silver lining amidst all these bad news. The crude oil prices which were at a record high of 147 dollars just two quarters back, has at last come below 100 dollars mark. While this is a sharp 30% correction from the record highs, still the prices are substantially higher than the prices a year ago. Experts tracking the industry feel that the crude oil historically has been subject to huge volatility, directly by being in corelation to the global economic condition. With the global economic condition becoming weak, experts are fairly certain that the crude oil prices will go below the 70 dollars mark in the coming months, unless there are strong signs of a global recovery.