Peak Oil Passnotes: Oil Down, Browne Down

The oil market is, as usual, performing a strange dance. It has opened the year showing great weakness with little signs of abating. As we mentioned last week this was not unexpected. But what is the most interesting development is that the $54.50-$55 floor price that has been so resilient over the past 18 months has finally been broken.

So where are we going now and why?