Gaza violence lifts crude briefly
Dec. 29 - The fighting between Israel and Hamas led to a brief spike in the price of oil, but the slowing world economy and decreasing demand for oil keeps oil under 40 dollars a barrel.
It has been a volatile year for crude prices, going from a peak of 147 dollars a barrel in July to below 40 dollars in six months. BCG Partners chief senior strategist, Howard Wheeldon, says that although recession will suppress the price for at least the next year, the oil price will rise again so cutting consumption is key.Stefanie McIntyre reports.
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