It’s simply supply and demand. There is too much supply and it’s not moving fast enough.
It’s not moving because we are having a global meltdown.
China is not buying any more raw material, and so nothing is moving here. Everything is coming to a stand still unless prices fall.
An economy can only move when people have money and they are buying things.
Chinese equities had another wild ride, but finished well in positive territory in the last hour as the government intervened top prop up the market once more. According to estimates, the Chinese government has spent $236 billion in recent months to shore up its ailing equity market.
Crude is swayed by overnight data from China, Europe
http://fuelfix.com/blog/2015/09/08/crude-is-swayed-by-overnight-data-from-china-europe/
September 8, 2015