20081010 Expectations of a recession (depression) means the crude oil did not escape the global selling of assets of all types. Moral of the story is 'don't believe the analysts (Goldman Sachs super spike;. Remember these guys write stuff based on their positions in the markets, and they are the ones who thought up the credit default swaps and collateralised debt obligations (CDO) that brought the world financial system to its knees as of today. They don't learn from history: remember Enron? At least JP Morgan and Citigroup were bitten there, and now is in the best position of the investment banks. If you ask me they should legislate to take back the multi million bonusses these boffins paid themselves in bonusses.

Crude Oil futures chart