The day before the publication of the industry inventory reports is often the day of treading water. Since Monday was a holiday, the release of inventory was pushed back a day until Thursday. China raised interest rates to counter inflation in their economy. Portugal is one of the PIIGS, European countries struggling with debt, and Moody's has now downgraded their bond rating to Ba2, down four levels. Greece remains in the news because it has been given the lowest bond rating and Portugal seems on the way to the same level. All of this news led to weak movements in the futures markets.
Today, WTI-24¢,$69.65; Brent-4¢,$113.68; RBOB+1.96¢,$2.997; HO+.84¢,$2.965
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