Crude futures fell $1.25 on news of Spain's credit downgrading as the euro fell and the dollar rose. The sovereign debt problem of Greece, Spain, Portugal and Italy is a problem for all of Europe and the euro. However, the fall was not deep and if viewed from a week ago, crude actually is higher. If viewed from the beginning of the month, the price is substantially lower showing a 15% decrease in four weeks.
For the week, crude +$3.28, $73.32, gasoline +5.05¢, $2.0136, distillate +5.05¢, $1.9755.
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