Crude Oil has now gotten to the illustrious $70/barrel level as the debt concerns in Europe worsen. It seems as the WTI spreads have finally lead the market lower as the Jun/Dec spread continues to liquidate trading down to -1200 at one point. Technically this market has a nice support level at $70 from 6 months ago but right now with the USD gaining momentum and supplies still increasing, this barrier may be broken very soon.
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