There has to be something fundamentally wrong when

A barrel of crude oil is worth more in the US than a house!

Oil has hit a fresh all-time high of $111.80 overnight, whilst houses can be bought in the US for $100 (see report further below: US Recession).

The dollar's demise is blamed for this latest rush on crude. Interestingly, soyoil which we have all been told recently is now "inextricably linked" to crude is around 100 points lower on eCBOT this morning.