Volatility is nothing new in the Gulf but the extraordinary changes seen both over the past year and over the past few weeks have given the booming economies and banking sectors some reason to pause. A year ago, oil prices were breaking through the $80 a barrel barrier - blissfully unaware they would almost hit $150 a barrel this past July. And now in mid-October, amid the world's greatest financial crisis since the 1930s, oil prices are back down below $75 a barrel and heading towards $50, as fears of deep recession and over supply panic markets. Analysts believe the oil market is caught in a four-way oil tsunami: financial turmoil, economic weakness, great refining capacity and rising oil supply.
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