Europe's inability to resolve the sovereign debt crisis for Greece and Italy and with similar problems for Portugal and Spain also on the horizon led OPEC to unexpectedly increase its production quotas. This caused the euro to continue its descent and equities followed while the dollar rose and crude and products fell. NYMEX seemed safely ensconced in the low $100s just a week ago especially with the initial estimate of a fall in the unemployment rate but the world economy is much more sluggish than government officials wish to confirm and this insight led to today's 5.2% drop in crude and 4.6% tumble today.
Today, WTI-$5.19, $94.95; Brent-$4.82, $104.68; RBOB-12.17¢, $2.5037; HO-9.89¢, $2.8299.
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