France's credit rating was downgraded one level causing the euro to falter and bringing crude down as well. WTI fell 0.4% from yesterday while Brent dropped 0.9%. Fears of a Western embargo of Iranian oil were allayed by more European dithering and secret negotiations about the nature of Iran's nuclear program. Goldman Sachs is once again talking up prices as they announced their forecasts for the year including $123.50/barrel NYMEX crude by year's end.
For the week, WTI-$2.86, 98.70; Brent-$3.02, $110.04; RBOB-1.74¢, $2.7342; HO-4.3¢, $3.0272.
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