Yesterday (May 30, 2012) WTI Crude prices for July delivery dropped $2.94/Bbl – that’s nearly $3/Bbl to $87.82/Bbl. At the same time, ICE Brent dropped $3.45/Bbl to $103.23/Bbl. WTI crude prices have now declined 16 percent this month and seem firmly entrenched under $100/Bbl. What is causing this oil market free fall? Well it seems clear that the factors behind this decline are world economics not US fundamentals. The European banking crisis continues to drag on, to the detriment of recovery in those economies.