Perhaps they are being conservative or perhaps they are looking at the supply-demand equation and think we’ve done all the restocking we are going to do for the medium-term: Either way, Russia is plugging a $54 oil price into its budget calculations for 2010. President Medvedev has been touting $70-80 oil for months, so maybe he is hoping to build s surplus…
Riska aversion is picking up as the morning wears on. Concerns over the health of CIT, a lender to small and meadium-sized business is a drag as is a slide back below $60 in oil. EUR/USD trades at 1.3942.
