It appears a slew of dismally disappointing economic data has finally broken the back of the camel... WTI Crude - on the heels of Saudi proclamations that they are winning the fight against US Shale - has tumbled back to the key $59.50 level... (Read: OPEC Continues Oil Price War)
Perhaps Goldman was right after all and higher prices will merely delay the required restructurings. And then there is this:
Blackstone Group LP’s distressed credit unit is backing away from investments in the most troubled energy companies based on its expectation that oil prices are due for a renewed decline.
Has the easy (and dumb) money funding dried up?