Since the global economic crisis the oil price has nearly doubled after it hit $30 per barrel at its lowest point. However the market rose to the highest point this year by touching the highest price at $75 a barrel around a few months back. The U.S. crude oil price delivery for the month of October was settled at $69.71 which is of $2.33 from its old oil price of $72.04. London Brent crude oil price fell by $2.63 to $68.69 a barrel. Read more about Oil & Gas – Top 5 Emerging Markets Industry Guide

According to the International Energy Agency the world’s electricity output would most probably drop this year for the first time since the Second World War. Sinopec which is Asia’s top oil refiner said that the demand for industrial fuel remains low in China which is the world’s biggest oil consumer. Other economies are also watching the oil price ahead of the U.S. Federal Reserve meeting and the Group 20 Summit. Uncertainty in the energy market still looms across the globe because of oil price.

The oil price also moved in the equity market these past few months as many traders tried their best to gauge the timing of the pick-up in the international market. This is the lowest energy demand ever seen since the economic slow down of the 1930s. Many investors are also looking to take lower risks and that has helped the dollar which has managed to recover after a year long low against the Euro. The now stronger dollar will be able to pressure the prices of commodities in the United States as the currency becomes more expensive. This also directly affects oil price in the United States.

The oil price in the future is going to solely depend upon the American economy. As the dollar becomes stronger the oil price is said to rise. However many analysts predict that the oil price is going to drop a few dollars before it actually rises. Many others also say that the sustained upward tension on oil prices is non existent until there is a global recovery in the economy and now revving demand for oil will draw down the amount of oil that is in our reserves.

The chances of the oil price rising significantly in 2010 are also slim. As a matter of fact many predict a drop in the price of oil. However the demand for oil in the second half of 2010 is expected to rise as the economy in the United States gains momentum. As the unemployment figures drop its not hard to see that the economy has begun to make a slow and steady recovery signaling that the future oil price might rise. It’s still however something that is left to be seen as many initiatives taken by the U.S. government is pushing auto manufacturers towards green technology. This in turn might also mean that even if the economy does recover the demand for oil especially in the automobile sector might decline as green technologies start becoming more common.