Crude rose on speculation that Europe will play a part in the expected economic surge and recovery this year despite Greece's sovereign debt problems. There would have been irrational exuberance in the markets if Greece's credit rating had not been downgraded to junk status by Moody's. European and US manufacturing activity increased last month and these are considered signs of an improving economy and thus of increased demand. The euro also gained today relative to the dollar and this kept the action positive.
Today, crude +$1.36, $75.05, gasoline +2.51¢, $2.0741, distillate +2¢, $2.0248. Street price holding steady at $2.369.
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