"The volatility on equities is currently higher than on crude oil and the stock markets remain the greater input into the current flat price fluctuations on WTI."
(Olivier Jakob, analyst at Petromatrix said in a report, emphasizing the spillover effect of turmoil in equity markets onto commodities)
"Until such time that credit conditions do not normalise, the prompt price for oil is unlikely to disconnect from sentiment-driven trends in equity markets and can sink further still."
(Harry Tchilinguirian, analyst at BNP Paribas said after revising down the company's average oil price forecast to $104.00/b for 2008.)
"Credit market conditions have worsened significantly in recent weeks, setting off some significant downgrades in expectations of economic growth."
(Analysts at Barclays Capital said, adding that credit issues cast a pessimistic outlook on short-term demand and medium and long-term supply.)
Updated: October 10, 2008
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