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Saudi Victory? WTI Crude Tumbles To Key Support

Submitted by Tyler Durden

It appears a slew of dismally disappointing economic data has finally broken the back of the camel… WTI Crude – on the heels of Saudi proclamations that they are winning the fight against US Shale – has tumbled back to the key $59.50 level…

Perhaps Goldman was right after all and higher prices will merely delay the required restructurings. And then there is this:

Blackstone Group LP’s distressed credit unit is backing away from investments in the most troubled energy companies based on its expectation that oil prices are due for a renewed decline.

Has the easy (and dumb) money funding dried up?

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