BUSINESS
11/07/2008 05:12 am ET Updated May 25, 2011

Analyst Predicts $50 Oil

Think the price of oil can remain sky-high amid a U.S. recession, a global economic slowdown, and the worst credit market conditions in decades?

Think again.

Oil prices are headed back to $50, according to analyst at an investment firm based in Russia.

Chris Weafer, analyst at Uralsib Capital in Moscow, said the Russian market is projecting that oil prices will plunge to about $50 per barrel, The Wall Street Journal reported Tuesday. Amid a U.S. recession and a global economic slowdown, oil has fallen about 38% to $91.07 per barrel after hitting a record high of $147.27 per barrel in July.

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