The crude oil prices reflect the state of global economy over the longer term. The mood of the global investors was relatively better two weeks back when there were reports of healthy economic rebound in many countries including China, Japan, India and South Korea and Australia.
But the US economy continues to show weak signs and the US FED chief has indicated yesterday that the US economy will face tough times ahead has pulled down the global confidence. The crude oil prices hit 74 dollars to a barrel in today’s trade.