The Energy Overview July 13, 2011

Oil rose yesterday in an active market that produced an almost $4.00 range top to bottom. Post-settlement prices fell almost a dollar after Moody’s cut of Ireland’s credit rating to junk status pressured the euro to the benefit of the dollar. Market sentiment was buoyed as Chinese macroeconomic data momentarily distracted market participants from ongoing debt problems in the Eurozone and the US. Commodities also hitched a ride on the back of a rising US stock market.