For decades we have tried to destroy OPEC, reduce oil consumption and achieve energy independence. Now that all of this is very much in reach, the stock market dives when the price of oil drops. Manipulation?
I think it is fear. Fear of what already is happening in the Middle East and fear of a total collapse of the kingdoms too.
Markets hate uncertainty. Several weeks ago I was reading about the Saudi royalty “running out of money” and having to recalibrate the economy. Odd that information even leaked out of the closed kingdom, really.
Ambitious Saudi reforms may not avert looming economic slump
http://www.reuters.com/article/us-saudi-economy-insight-idUSKCN0V61GB
There is much more going on globally than is ever being reported.