PIGS and their debt issues have not factored into the price of oil for so long but today news that Portugal needed to be bailed out of its sovereign debt problem restrained prices. Also restraining prices was the news that the orders for durable goods had decreased meaning that the economy might be slowing down and demand for oil may not increase. The fallback in prices was tempered by the continuing violence in Libya. Deaths in Syria were also reported and there is word that Yemen's president and the top army general were negotiating their resignation.
Today, WTI -17¢, $105.58; Brent +22¢, $115.76; gasoline +2.47¢, $3.0459; distillate +0.68¢, $3.0629.
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