I think this video sheds a lot of light on the reason for the "crash" in oil prices yesterday.
http://video.cnbc.com/gallery/?video=3000020494; same as the link in first line.
Update:
Without comment for now, I will post several links that will help explain the precipitous drop in oil prices at the end of the week of May 6, 2011, and where oil prices are headed:
The dollar escalated 2 percent: that caused the sell-off. Yup. 2 percent.
Goldman Sachs: oil prices will be back to new highs in 2012 due to supply issues. Remember, it was GS that predicted a pullback.
Trichet's interview from Finland (I don't know how long CNBC leaves these links up). My understanding is that Trichet's interview resulted in the strengthening of the dollar by 3 cents or so.
Commodity sell-off: CNBC interview with traders in the pit.
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