The specter of a major economic downturn caused by Greek sovereign debt default overcame slightly good news about U.S. manufacturing and construction starts. Greece seems inexorably headed towards default and an economic crash can only be averted by action from the German government to support the banks that are owed money by the Greek government. However, the overall fundamentals of the oil markets haven't changed as the American economy continues to head toward a double dip recession and joblessness maintains a position above 9%.
Today, WTI-$1.59, $77.61; Brent-67¢, $101.71; RBOB-11.5¢, $2.511; HO-4.195¢, $2.7529.
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