Manufacturing was up in the USA and China and this led to a muted upward movement for crude and product today. Crude was up $1.08, distillate increased 4 cents and gasoline rose 3 cents. Street fell 4 cents. Analysts cautioned that increased manufacturing activity was a a good sign but lower and overabundant supply would inevitably lead to falling prices.
OPEC meanwhile announced escalating production. Officially this is touted as being responsible for keeping prices within the $80 range. Another way to look at this increased production is that cheating might be rampant.
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