There seems to be a lessening of tension between Iran and the West despite the crazy statements Hugo Chavez and Mahmoud Ahmadinejad are making about bombing the U.S. The Obama Regime seems to want to play down the threats made by the Iranian President and the Venezuelan Dictator and this allows the Europeans to feel that supplies are more secure. These events led to the second straight day of falling prices and today's settlement dropped below the $100 level for the first time since two days before the New Year's. Traders are ignoring the threat of a strike by oil workers in Nigeria and settling for the good news about the Straits of Hormuz.
Today, WTI-$1.77, $99.10; Brent-$1.17, $111.07; RBOB-3.2¢, R2.7633; HO-1.0¢, $3.0541.
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