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Sunday, July 03, 2011

The markets are saying
"Give Greece a chance"

My apologies to the Beatles for that one!

You're all going to hate me this week, I think!

In what must be a remarkable turnaround in the markets this week, the European Union has approved the final installment in funding for Greece's own bailout after the Greek parliament approved austerity programming by a narrow margin.

That, and the fact that Saudi Arabia may not increase production after the United States and other western nations began a timed release of oil from strategic reserves around the world to replace lost Libyan production, has resulted in a rebound for oil prices and prices for oil's refined commodities.

Here's what I have so far, with five days out of a possible seven, in place for this Thursday's price change:
  • Heating and stove oils show an increase of 2.05 cents a litre.
  • Diesel shows an added 2.1 cents so far, and...
  • Gasoline is up by 4.4 cents a litre.
Oh well!...

Needless to say, with the markets closed on Monday, I don't expect much change to the numbers for Tuesday trading, which is the last day to track right now.

Look for numbers close to this on Tuesday evening's post.

Regards,

George

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