Rather than be bound by the price hawks of OPEC, Saudi Arabia has informed its refiner customers in Asia that it will increase production by 500,000 barrels next month. Coupled with the stronger dollar, WTI fell 2.6% while Brent fell a more modest 0.7%.
The weekly numbers tell a different story: WTI-93¢,$99.29; Brent+$2.94,$118.78; RBOB+3.46¢,$3.0177; HO+4.84¢,$3.1051.
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