Wednesday, May 16, 2012
Oil and RBOB prices plummet as the market is not convinced that the EU can keep Greece in the zone and stop the contagion from spreading, despite the meeting of the minds between German Chancellor Angela Merkel and new French president Francois Hollande. Even Christine Lagarde, the managing director of the International Monetary Fund, is acknowledging that a Greek exit is possible and will be messy. With safe haven seekers running to the dollar and bonds, and a lowered risk of war from Iran, oil prices and gas prices are getting hit.
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