Crude Oil Falls to a 3-Month Low: Why Blaming “Soft Economy” Isn’t the Answer
Despite today’s less-than-stellar global economic environment, as recently as April, crude was trading well over $100 a barrel.
By Elliott Wave International
After a 4-day losing streak, on October 23 crude oil futures fell as low as $85.69 a barrel — the lowest price since July. Predictably, the mainstream energy market observers have blamed the drop on “global economic worries.” Of course, on these pages, we have pointed out before how, on one recent occasion, oil fell in the face of positive economic expectations. And on another recent occasion, oil fell despite the absence of any real news, period. So, the mainstream analysts have to do better than “global economic worries” to explain the latest oil selloff…except that they can’t. Read more.