The U.S. Government's increasing deficits and the fact that the current administration seems totally unconcerned about, in fact welcomes, growing deficits, has led to a credit downgrade and caused fears of an economic downturn. The other news was also bearish as the dollar was stronger against other currencies and the Saudis announced a cutback on production because of slack demand. The quick rise in fuel prices to near 2008 levels when crude is still $40 off the highs of that year leads to fears of demand destruction and further economic slowdowns.
Today, WTI -$2.28, $107.17; Brent -$1.60, $121.60; RBOB -2.93¢, $3.2529; HO -3.8¢, $3.1831.
No comments:
Post a Comment