Canadian Oil Benchmark Falls Off A Cliff

Third time is a charm as China has reset its currency peg for a third day on the trot. The law of diminishing returns means markets are somewhat insulated from the fear factor of a third day of currency devaluation, while financial markets put on their rose-tinted glasses and buy in (literally) to the prospect that this latest attempt from China to stimulate its economy just might work. Hence, global equity markets are looking perky, the dollar is seeing some strength, and crude prices are getting pressured lower once more. U.S. economic data returns…

via Daily News Update

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