Airlines, trucking companies and other big energy consumers are betting on further oil price falls, with many reluctant to lock in at current levels amid fears prices could plunge if the global economy weakens further.
Consumers are largely on the sidelines of the oil market in spite of a 30 per cent drop in price, from $125 in March to $90 now, commodities bankers said. The price of Brent crude hit an 18-month low last week.
Oil consumers fear the current slide in prices – largely due to slower economic growth in China, the main engine of oil demand, and the eurozone sovereign debt crisis – is only the beginning of a major sell-off. Saudi Arabia has this year boosted production to a 30-year high, further subduing prices.
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