Cameron Hanover – Daily Energy Hedger – April 28, 2010

Oil prices were under heavy selling pressure throughout Tuesday’s trading session. Prices had been mixed in trading overnight, but one of the first features of trading on Monday night and into Tuesday morning was a resurgent US dollar. Bloomberg reported Tuesday that “Standard & Poor’s Ratings Services (S&P) lowered its long-term local and foreign currency issuer credit ratings” on Portugal, from A+ to A-, and on Greece, from BBB+ and A-2 to BB+ and B, respectively.