The Chinese government is doing the right thing by trying to control inflation but oil traders saw this as slowing down the economy and reducing oil demand. Crude and product prices dropped and all eyes are now turned to the OPEC meeting in Quito, Ecuador. No major decisions are expected from the OPEC meeting but there may be indications of how the Cartel wishes to proceed.
For the week, crude -$1.40, $87.79; gasoline -4.28¢, $2.3093; distillate -2.99¢, $2.4575.
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