Today saw a rare event when the dollar and crude both dropped in the markets. German manufacturing fell in November and that is certainly bearish news for the euro watchers but there seems to be a lessening of tension about the Iranian threats to close the Straits of Hormuz since the Saudis have announced they would provide for any loss of supply. There are oil related problems everywhere but analysts are focused on economic and currency issues rather than oil fundamentals and the crude and product declines were quite moderate.
Today, WTI-25¢, $101.31; Brent-88¢, $112.18; RBOB+0.74¢, $2,759; HO+0.28¢, $3.073.
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