Oil prices continue to tread water, rising and falling modestly on what’s left of news for the balance of the year. Really, the fiscal cliff is the primary mover, and the realization that going over, if fixed early in the New Year, is not cataclysmic has taken away some of the market-related gyrations. The Middle East churns, but, again, it is nothing new. This morning we did learn that Iran is planning military exercises in the Strait of Hormuz… next March.
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