Of course China helped it, and remind me what happened to commodity prices and the price of oil after the Asian crisis. China thought everything was booming, so as usual, it loaded up too much commodities. When things started to go wrong, they did their usual thing and started dumping all their excess commodities on the market which caused a massive slump in the commodity prices. Remember .com? Well all these little companies stopped exploring and where complete dogs since nobody cared about commodities so they stopped their mining since it wasn't useful anymore and .com started. Basically the population of the world and uses was not that different today in the world, demand was pretty similar in commodities, so these things can happen again and they will you've seen it over and over in history.
The whole game at the moment is the system is awash with extra money, traders are borrowing $US at incredibly low rates and pumping them into every area of the market except the $US, at some stage the game will end, the $US will have a massive spike and pretty much everything else will have to thus crash.
I guess oil can stay high, but I'm just saying that my thoughts are that there is plenty of oil, and the Russian's know this, that's why they are number 2 in the world now, they don't use the cheapo western oil method.
Iraq is starting to come online now, you see the massive contracts the other day. Iraq probably has more oil then Saudi.