PETALING JAYA: After being blamed for causing volatility in global equity markets, experts now say defaulting subprime loans in the US are also the major reason for the fall in crude oil price in the past two days.
They feared that housing loan deliquencies could bring about a slowdown in the US economy thus lowering the demand for crude oil. Brent sweet crude fell to an intra-day low of US$57.15 at 10.54am Kuala Lumpur time, while crude price on the New York Mercantile Exchange hit an intra-day low of US$60.36 at 11.55am.
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