Brent Crude Oil price BELOW $50 per barrel

I have not been blogging the fall of crude oil in line with the growing realisation of the reality of an oncoming DEPRESSION but the latest dip to $48.83 on concerns (according to this report) of the "deep" recession is certainly worthy of note! Of course with Britain's almost criminally incompetent Government any benefits will be diluted due to the recent plunge of the pound, now exacerbated by the UK's tumbling tax revenues, read Bloomberg here. In France, where billions have not been thrown at banks to maintain their Scottishness or Directors' bonuses, President Sarkozy has today announced a 20 billion Euro fund to be directed at fighting the effects of the depression on the most affected industries, read here.