Energy OverView January 3, 2012

Crude oil moved to the highest levels in a week as an apparent assurance by Iran that a closure of the Strait of Hormuz was not imminent was offset by their test launch of a missile in the area. Participants clearly do not want to wager that an Iranian epiphany is underway. Additionally, a surprising jump in the Chinese PMI and a rising euro to the dollar’s detriment, a consequence to a startlingly fall in German unemployment…