How does oil react in a recessionary environment?

Posted: under Investing.
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environment
Brian S asked:

Given the current market situation and the movement of the price of oil, the answer is clear that given a recessionary environment, the price of oil will fall. Why is this? Is it because of the market perception that a recession will cause less spending and therefore less demand for oil? If you have any sources, please cite them. Thank you!

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Comments (1) Dec 21 2008