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What a good week for consumers. Oil prices that began the week at $78.44 are currently at $74.97. Wholesale gasoline prices began the week at $2.06 are down to $1.97, a drop of nearly two cents per day.
The DOE report released was good, showed a build in gasoline inventories, demand that was low, and that there is plenty of spare capacity. The U.S. national average has turned the corner and begun to drop, and will continue to do so until next week. Prices in Canada can be expected to copy the slide I expect in the U.S. average, so if you can hold off on filling up for a few days, I would suggest doing that.
The U.S. dollar gained strength this week, starting off near $1.44 USD/EUR and currently trading at $1.4175 USD/EUR. The dollar has gained strength against other currencies as well, putting downward pressure on oil as prices become slightly more expensive in other areas of the world.
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