Strike Averted, No Oil Production Interrupted
Oil eased from record high levels but still closed
within range of $60. A strike by Norwegian offshore platform workers was averted
at the last minute; a strike would have cut production 1 million barrels per
day. Norway is the third largest oil exporter after Saudi Arabia and Russia.
Continued unrest in Nigeria is providing support for the market.
Sweden cut its benchmark rate more than expected. US
T-notes rose following gains in European bonds.
The Bank of Montreal said they expect lumber prices to
trend moderately lower over the coming year.
The U.S. National Weather Service’s 6-10 day forecast is
calling for above average temperatures and below average precipitation in
most of the Midwest.
Copper made a new contract high at $1.4580.
Brice Wightman
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