It was bound to happen. China's manufacturing sector is slowing down. If your largest customer is in recession, which the U.S. is, despite the rosy talk from the White House, sooner or later your production will go down if you are looking out over the horizon for economic trends. Manufacturing does not occur in a vacuum, there have to be customers for the goods. As U.S. incomes have been set back 30+ years since the current regime took over, demand for Chinese manufactured goods have to be affected. That is why there is a demand curve and a supply curve. China is starting to get hit by the demand curve as American consumer damand falls.
There was further bad news as German retail sales are down. The Germans carry a double burden, their own economic issues and the Greek sovereign debt.
It has been an incredible quarter with prices steadily falling for the last half month. For the quarter: WTI -$16.22 (17%), $79.20; Brent -$10.10 (9%), #102.38; RBOB -40.56¢ (13.4%), $2.626; HO -13.79¢ (4.7%).
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