AP:

Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange — well below its trading record of more than $147 a week earlier.

We’ve been wrong for quite a while about oil, and this price decline of $20 in a week probably means nothing, just like all of the other head fakes. Still, the historical data that the IMF collected paint a compelling picture — but when will the predicted commodity correction play out?

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