Not entirley. The crude market and other commodities were up nicely in Asia and Europe overnight. It was only when the NY traders and the US hedge funds took contol that the market cratered even after good economic data. Our own NYSE is our worst enemy!
I think the attorney general's comments with regard to possible criminal charges against BP really undid oil stocks late in the session. Its peripheral news events that are driving markets right now, not so much fundamentals unfortunatly.