Hong Kong Shanghai Bank released China's manufacturing index showing a third straight month of falling output and exposing the reality behind the Chinese government's publication of 8.9% GDP growth at earlier this week. The dollar rose over the euro based on the continuing debt negotiations with Greece makes the dollar a better investment than oil and this further aided crude's decline. These developments further highlight the fundamentals of weak U.S. gasoline demand and sufficient supply availability given the economic activity.
A lot of price movement mostly down towards week's end: WTI-24¢, $98.46; Brent-18¢, $109.86; RBOB+5.02¢, $2.7844; HO-3.88¢, $2.9844.
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