Oil prices going down..below US$43 per barrel

Good news to many of us, the price of oil is going south. But fall in oil prices could somehow be limited by the news that President-elect Barack Obama plans to implement a major infrastructure program to help boost employment in the weakening US economy.

With all the stimulus packages and output cuts by Organisation of Petroleum Exporting Countries (Opec), we may see the oil price stabilizing.

Opec, which controls about 40 percent of world crude supplies, announced a production cut of 1.5 million barrels a day in October and 500,000 barrels in September.

But let's keep our fingers crossed as Opec will meet again in Algeria on December 17th to discuss on further output reduction, this may cause the oil to go up again.