Is This the End of the Oil Bubble?
Jul 17th, 2008 | By Bill Bonner | Category: Featured, Financial NewsToday, crude oil prices dropped below $130 a barrel for the first time in six weeks. It is third consecutive day that the black goo has fallen in price.
Crude oil futures for August delivery on the Nymex fell $5.42, or 4 percent, to $129.18 a barrel. Oil prices briefly touched $129 a barrel.
Are we seeing the end of the oil bubble? That depends on whether you think the oil market is in a bubble or is simply reflecting a supply-and-demand imbalance. Bill Bonner says it’s both…