Per Oil Traders Blog:

Crude oil fell for a sixth day on Friday, capping the biggest weekly drop since the Persian Gulf War in 1991.

Prices have dropped 72 percent since reaching a record $147.27 on July 11.

“After the jobless number, any bulls that were left in the market will become extinct,” said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. “There are no redeeming features in these numbers.”

Look for a massive short squeeze in oil soon.

Advertisements