MSM: Oil price tumbles to 15-month low under $67

Oil prices slumped further on Thursday, with Brent crude sliding under 67 dollars a barrel — the lowest level for more than 15 months — as slowing energy demand took its toll, traders said.

Crude oil futures were down more than 50 percent from record highs of above 147 dollars reached in July, when prices had rocketed on fears of supply disruptions.

‘Perhaps 60% of today’s oil price is pure speculation’

The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?

Oil prices: George Soros warns that speculators could trigger stock market crash

George Soros, the billionaire hedge fund manager, will warn later today that the oil price has become a bubble that could trigger a stock market crash.