http://alajnabee.wordpress.com/2012/06/04/can-saudi-arabia-flood-the-market/
The Saudis haven’t moved against the oil markets? Last year they pumped about 8.5 million barrels a day (b/d). Because of disruptions and anxiety surrounding a possible strike on Iran, they are now pumping 10 million b/d, all in an effort to push down prices. Cooper says the Saudis might flood the market in order to turn the screws on Iran.
Oil down to $78.29 http://www.livecharts.co.uk/MarketCharts/crude.php
No doubt the Saudis just luuuv them some bamster and would gladly pump more oil to help his reelection.
But based on the value of the dollar going up (from about 0.79 a few months ago to as much as 0.83 lately). All the commodities — gold, silver, copper, aluminum as well as agriculturals — have gone down in lockstep. I watch this shit every day and make my trading moves accordingly.
Just my humble opinion, for what it’s worth (about what you paid for it!)