This is an interesting observation of ~ How Gold ($GOLD) Has Been A 4-Month Leading Indicator To Crude Oil ($WTIC). Also note, that there's a 76% positive correlation between Crude Oil ($WTIC) & the S&P 500 ($SPX) ~see chart~...so expect stocks to rally this September and the current selling to continue.
Also, a CNBC Vid Clip: Russian President Dmitry Medvedev told the G8 Summit is is impossible to regulate oil prices via administrative measures and also suggested a price of $70 to $80 a barrel as "fair." Andrei Gaidamaka, Lukoil deputy VP, shares his insight.
*click on chart to enlarge image
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