Quoting myself here from yesterday, because today's Financial Times has a great piece that hits on some of the same themes (mainly, that oil is not only in a bubble, but a tremendous and 'Chinese-centric' one, at that). http://www.ft.com/cms/s/e3216bae-4d...html&_i_referer=http://www.ft.com/home/europe
Almost exactly two months after he said 'never again $100', Brent hit $99 However maybe the #1 oil bull meant WTI. A couple more hedgefunds need to blow up then we can go back up sometime after the election.
A measured-move projects down to $86.00 which is interestingly enough where the whole thing blasted off from back around February 11th. By Wednesday, the Paralympics in Beijing will be over with and industry will be back up and running in the five provinces surrounding Beijing.
Make that $91.94 And they said it could never happen. Oil falls below $92 a barrel in Asia on fears US credit crisis will hurt global crude demand SINGAPORE (AP) -- Oil prices plummeted Tuesday in Asia, falling below $92 a barrel as investors feared the U.S. credit crisis that brought down brokerage giant Lehman Brothers will drag on global economic growth and restrain demand for crude. Light, sweet crude for October delivery tumbled $3.77 to $91.94 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore. The contract fell $5.47 overnight to settle at $95.71, the first time oil closed below $100 since March 4.