In these depressing times, at least we have some good news coming. The fall in the oil prices is caused by the expected global economic slowdown. It teaches us a lesson that even bad times can be a cause of some good news. Let’s hope the Pakistani oil cartel now bring down the oil prices in the local market although my past experience with Pakistani prices suggests the otherwise. The famous saying about prices in Pakistan somewhat holds true that price can only go up in Pakistan and never comes down.

NEW YORK: The benchmark New York oil futures contract briefly fell below 90 dollars a barrel Monday in Asia after Wall Street’s financial meltdown extended to Europe, triggering fears of a global slowdown, dealers said.
In late afternoon New York’s main contract, light sweet crude for November delivery, hit a low of 89.96 dollars before rebounding to trade 3.43 dollars lower at 90.45.
London’s Brent North Sea crude for delivery in November had already dropped below the 90-dollar mark, on September 16.The Brent contract traded 3.70 dollars lower at 86.55 in late Asian trade on Monday. (source The News)

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