Another Crash? Oil Teeters On The Brink – of $100 per Barrel
21st Century Wire
OCTOBER 23, 2013
Keep an eye on this latest market move, as it indicates where inflation could be heading in the run up to 2014…
MEMORIES OF THE 1986 PRICE CRASH
Like the US debt ceiling saga – with the only possible result being more debt – the ultra-magic triple-digit dollar oil price of US WTI, and of course more for European Brent, needs extraordinary measures to stay that overblown. In the case of the US debt mountain the Fed does the extraordinary (over)blowing, but for oil WTI counts on heavy lifting by leading members of Wall Street’s oil market manipulator clique – often referred to as “investors” – who not so long ago forecast WTI as easily able to attain $125 per barrel by December 31st.
So the shading of New York oil prices below $99.99 on 21 October was something of an historic event…
Even by mid-morning, New York time, on 21 October the plunge protection team was clearly at work trying to repair the damage – because falling oil prices are a challenge to New Normal.
The nightmare for new normal oil and its unreal pricing – totally unrelated to natural gas and coal prices due to oil being so “noble” – would be a repeat and remake of the 1986 price crash. This featured plenty of the parameters, and the same Mid Eastern and other actors, we have today.