It is reported that crude oil prices have fallen by 22% since last week, marking one of the biggest weekly drops ever. Oil particularly has lost USD 5 a barrel and analysts see little on the horizon to quell investors' fears that the world economy will keep its slow pace. Crude oil fell to the lowest level in almost 4 years after a report showed the US economy lost the most number of jobs in November 2008 in 34 years, signaling that recession is getting worse. Also oil markets are new more sensitive on economic news, than others like the volume of US oil inventories or OPEC production. According to market insiders, as prices continue to weaken, OPEC members lose more and more control of the market. Oil traders are now quite pessimistic about oil prices’ future as the world economy, and especially US economy, looks set to deteriorate. The demand worries are still the driving factor and, as traders are saying, it opens up the possibility of prices below USD 40 a barrel.

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