European Union agrees to ban Iranian oil despite Iran's threats to close Straits of Hormuz should embargo be enforced. Saudis promise to increase production to make up for losses while China and India remained poised to buy more from Iran. Euro strengthens despite euro zone inability to make a deal with Greeks concerning sovereign debt problem.
Today, WTI+$1.12, $99.58; Brent+72¢, $110.58; RBOB-0.65¢, $2.7779; HO+2.14¢, $3.0098.
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