After a high last Friday that seemed to point at $120 crude, futures prices dropped below $100 today for the first time since March 16. The one day numbers are staggering and the view from a week's worth of trades is even greater. The dollar was stronger today but the news of the day about increased first time jobless claims and stagnant demand both pointed at an economy going nowhere and bringing fuel demand along with it.
Today, WTI -$9.44(-8.6%), $99.80; Brent -$10.71(8.8%), $110.48; RBOB -22.71¢(6.8%), $3.0954; HO -25.61¢(8.1%), $2.8869.
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