WTI at 4 month lows
"This is a crucial level as BofA warns, should oil slice through $40/bbl, attention will quickly switch to weak oil, weak Chinese renminbi and weak credit in a repeat of last summer.
Well that escalated quickly... $39.86 hit..."
Looking more and more like a lead zeppelin, to turn a phrase. The problem is no demand, growing supply, and the big players are cutting prices to find new buyers.
Saudis Slash Oil Prices For Asian Markets; So Much For Solving That Banking Liquidity Crisis
All we need now is a weakening world economy, and stagnant, or declining US fuel use.