The market was back almost to where it closed last Wednesday before it was reported that Dubai wanted a six month reprieve on paying on its $80 billion debt for building houses of sand in the emirate. After falling almost $2 on Friday, the markets were calmed about how Dubai was going about getting its debt problem resolved or did Abu Dhabi agree to fully back the debt? The other reason prices jumped today was that Iran seized some Britons but that only shows that the Iranians are making a statement about their nuclear program.
For the day, crude +$1.85 and Brent was up $1.74 after rising above NYMEX on Friday. Gasoline really was high flying today at 7.4 cents at $2.000 while distillate was +7.4 cents at $2.0175.
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