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Oil hovers above $66 after weak jobs data

The Associated Press -- Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.

By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.

Trading in the U.S. is closed Friday for the Independence Day holiday.

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Submitted Jul 03, 2009 By: GM

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City1997 Champion Author Toronto Posts:3,054 Points:652,065 Joined:Aug 2008	Message Posted: Jul 5, 2009 10:03:02 AM Ignore City1997 Report Abuse The US$66 for crude is considered a bit expnesive and hopefully it will go down further to US$62 a barrel.
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:21:02 AM Ignore honda0105 Report Abuse and if the futures market doesn't drive prices up, Big Oil will definitely make more record profits at the pump.
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:20:26 AM Ignore honda0105 Report Abuse we know speculators will prevent it from slipping that far.
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:19:53 AM Ignore honda0105 Report Abuse Gee_NY: we can hope... doubt it'll happen
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:01:12 AM Ignore honda0105 Report Abuse in the meantime, reduce, reuse, recycle and think if you really need to drive or can walk (helps to shed a few ounces of weight before the holiday feast too!)
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:00:32 AM Ignore honda0105 Report Abuse hope them specul-traitors all get burned.
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:00:12 AM Ignore honda0105 Report Abuse well, the roller coaster continues.
LoneStarFX Champion Author Austin Posts:6,777 Points:1,289,425 Joined:Mar 2005	Message Posted: Jul 4, 2009 4:13:49 AM Ignore LoneStarFX Report Abuse v
CISA Champion Author Orange County Posts:2,124 Points:679,195 Joined:Dec 2006	Message Posted: Jul 4, 2009 3:53:40 AM Ignore CISA Report Abuse WhThe US dollar's decline will outweigh demand in the short run. Should hte US dollar continue to rise, as it has in the last couple weeks, then oil will drop, as will gas prices and the US stock markets.
SurreySidekick Veteran Author Vancouver Posts:282 Points:138,765 Joined:Jun 2009	Message Posted: Jul 4, 2009 3:29:32 AM Ignore SurreySidekick Report Abuse Honestly the oil prices dropped more than 50% compared to last Summer but our gas pricing haven't drop 50% yet ..........
PenDoctrJD Champion Author Orange County Posts:6,753 Points:2,026,135 Joined:Aug 2001	Message Posted: Jul 4, 2009 3:23:18 AM Ignore PenDoctrJD Report Abuse At this moment, it is at $65.63. Bloomberg.com
findcheap Champion Author Los Angeles Posts:4,673 Points:1,035,640 Joined:Apr 2007	Message Posted: Jul 4, 2009 3:21:00 AM Ignore findcheap Report Abuse price is controlled by futures traders. supply & demand does not control market for the most part
LuvEd08 All-Star Author Georgia Posts:784 Points:171,225 Joined:Apr 2008	Message Posted: Jul 4, 2009 3:16:43 AM Ignore LuvEd08 Report Abuse With barrel prices tumbling, how soon before we see the change at the pump?
NavyStore Champion Author Seattle Posts:2,692 Points:1,188,895 Joined:Aug 2005	Message Posted: Jul 4, 2009 3:15:43 AM Ignore NavyStore Report Abuse Cut out the speculators and it won't matter.
spike1zz Champion Author Indiana Posts:5,212 Points:648,545 Joined:Oct 2008	Message Posted: Jul 4, 2009 3:12:01 AM Ignore spike1zz Report Abuse We are just puppets
dano50 Champion Author Riverside Posts:3,319 Points:687,130 Joined:Jul 2008	Message Posted: Jul 4, 2009 3:08:54 AM Ignore dano50 Report Abuse No jobs means no money means don't buy much gas.
cheapertvs Champion Author Richmond Posts:5,200 Points:1,768,220 Joined:Jan 2004	Message Posted: Jul 4, 2009 3:07:52 AM Ignore cheapertvs Report Abuse And the price at the pump continues to rise.
eye-spy All-Star Author Quebec Posts:678 Points:1,467,310 Joined:Feb 2005	Message Posted: Jul 3, 2009 8:30:30 PM Ignore eye-spy Report Abuse I totally agree with "netman044" I hope that the greedy speculators on Wall Street lose their shirts!!
Soulplayez Veteran Author Oakland Posts:438 Points:881,620 Joined:Aug 2006	Message Posted: Jul 3, 2009 8:29:27 PM Ignore Soulplayez Report Abuse I doubt consumers will benefit from this.
danny999 Champion Author Florida Posts:3,706 Points:663,835 Joined:Oct 2008	Message Posted: Jul 3, 2009 8:23:03 PM Ignore danny999 Report Abuse BUY ON RUMOR AND SELL OFF ON FACTS. HOPE SPECULATORS GOT SHORTS IN A WEDGE ON THIS ONE.
Muke Champion Author Virginia Beach Posts:2,778 Points:704,235 Joined:Jun 2007	Message Posted: Jul 3, 2009 8:14:15 PM Ignore Muke Report Abuse It will go down. Economic recovery was over exaggerated and really economy is not in recovery but bottoming down. More layoffs are hitting the consumers.
Hazelnut Champion Author Greensboro Posts:1,886 Points:754,580 Joined:Sep 2003	Message Posted: Jul 3, 2009 8:14:08 PM Ignore Hazelnut Report Abuse People lost their jobs and they are tightening their belts. That is the way demand works. They are not buying much. Then these speculators tried to catch the wave on a hint that the recession may be over. WRONG! It is their pocketbooks that will have to feed the people who lost their jobs.
hwnguy Champion Author Honolulu Posts:2,981 Points:647,780 Joined:Apr 2008	Message Posted: Jul 3, 2009 8:14:06 PM Ignore hwnguy Report Abuse can't win
netman044 Champion Author Texas Posts:3,844 Points:646,060 Joined:Sep 2005	Message Posted: Jul 3, 2009 8:13:57 PM Ignore netman044 Report Abuse I've been preaching for the last 3 months that there is no reason except speculation and greed for crude to be as high as it is.
Valricoslash Champion Author Tampa Posts:1,788 Points:396,295 Joined:Nov 2008	Message Posted: Jul 3, 2009 8:10:59 PM Ignore Valricoslash Report Abuse O guess less employment means people are driving less. It funny, however that another report by Mastercard said we are driving more. Who is correct? Its all smoke and mirrors. They all charge what the market will bear, which is more often than not neighborhood driven.
Bussman Champion Author Dallas Posts:1,735 Points:525,415 Joined:Nov 2008	Message Posted: Jul 3, 2009 8:05:54 PM Ignore Bussman Report Abuse We should be at the yearly high during July price wise all things being status quo.
Jojavo All-Star Author London Posts:593 Points:121,465 Joined:Apr 2009	Message Posted: Jul 3, 2009 8:05:41 PM Ignore Jojavo Report Abuse Prices have not dropped in this region... "GREED, GREED, GREED"....
MissRita Champion Author Austin Posts:1,040 Points:423,790 Joined:Feb 2008	Message Posted: Jul 3, 2009 8:03:58 PM Ignore MissRita Report Abuse up down and all around.
nyamar Sophomore Author Tucson Posts:238 Points:179,465 Joined:Jun 2009	Message Posted: Jul 3, 2009 8:02:14 PM Ignore nyamar Report Abuse Don't really see what jobs data matters to oil. It's been pretty bad for a while now, not really a surprise for the market...
pliskin Champion Author Syracuse Posts:3,209 Points:981,010 Joined:Apr 2005	Message Posted: Jul 3, 2009 8:00:20 PM Ignore pliskin Report Abuse Can of the everyday American public really keep up with market? Not when it's this wild!
dollarwatcher Champion Author Wisconsin Posts:3,017 Points:565,700 Joined:Mar 2007	Message Posted: Jul 3, 2009 7:44:27 PM Ignore dollarwatcher Report Abuse Such a crazy market. It's entertaining to follow.
BornToulouse Veteran Author Georgia Posts:411 Points:71,315 Joined:Jul 2009	Message Posted: Jul 3, 2009 7:40:51 PM Ignore BornToulouse Report Abuse All I can do is continue to invest in Exxon Mobile (XOM) in my Scottrade account...as I continue to shop for the lowest regular gas price per gallon. It's all I can do.
96sc1 Champion Author El Paso Posts:5,582 Points:732,690 Joined:Mar 2008	Message Posted: Jul 3, 2009 7:37:32 PM Ignore 96sc1 Report Abuse Why is unemployment still rising? I thought the fix was in.
Bubba44612 Champion Author Ohio Posts:2,676 Points:918,925 Joined:Aug 2005	Message Posted: Jul 3, 2009 7:32:02 PM Ignore Bubba44612 Report Abuse Should be $20 a barrel and then maybe people would get back to work sooner.
bbreff Champion Author Atlanta Posts:5,184 Points:1,641,070 Joined:Jun 2005	Message Posted: Jul 3, 2009 7:30:14 PM Ignore bbreff Report Abuse When is oil going to drop another $30?
tom11743 Champion Author North Carolina Posts:1,740 Points:421,170 Joined:May 2005	Message Posted: Jul 3, 2009 7:29:28 PM Ignore tom11743 Report Abuse Now to see a downward trend at the pumps ........
SeerLV Champion Author Las Vegas Posts:3,503 Points:718,660 Joined:Jun 2008	Message Posted: Jul 3, 2009 7:25:07 PM Ignore SeerLV Report Abuse Oil should be lower
winggnutt Champion Author Detroit Posts:6,332 Points:1,426,900 Joined:Aug 2005	Message Posted: Jul 3, 2009 7:24:46 PM Ignore winggnutt Report Abuse need to stop the speculators!
the_peddler Champion Author Detroit Posts:1,303 Points:349,150 Joined:Sep 2008	Message Posted: Jul 3, 2009 7:22:48 PM Ignore the_peddler Report Abuse low incomes and conserving might keep it lower this year.
eaglev Champion Author Oklahoma City Posts:2,371 Points:609,615 Joined:Jul 2005	Message Posted: Jul 3, 2009 7:20:48 PM Ignore eaglev Report Abuse got a price war. 2.18 at murphy and 2.13 at the 7-11
Tru2psu2 Champion Author Winston-Salem Posts:6,773 Points:631,080 Joined:Feb 2004	Message Posted: Jul 3, 2009 7:19:01 PM Ignore Tru2psu2 Report Abuse It's not going to go down much...enjoy it while it lasts!!!
dhnbBUG Champion Author Pennsylvania Posts:2,621 Points:732,055 Joined:Apr 2008	Message Posted: Jul 3, 2009 7:10:43 PM Ignore dhnbBUG Report Abuse When oil prices rise, it's bad. When oil prices fall, it's bad. What are we looking for for oil prices?
rossp Champion Author San Jose Posts:8,196 Points:1,363,825 Joined:Apr 2006	Message Posted: Jul 3, 2009 7:07:25 PM Ignore rossp Report Abuse The price of oil is PARTLY based on the value of the dollar. But no way did the dollar devalue enough last year to give us $4 gas. That was rampant speculation, along with an artificial demand (by speculators). But it IS true that if the dollar falls, oil rises. Remember, however, the quoted prices for oil is for oil FUTURES. What you see at the station is gas (NET) PRESENT VALUE. I have some ideas for curbing speculation but they're probably too radical for anyone buy Hugo Chavez. I'd suggest a 10% tax on selling a futures contract. But what I'd REALLY like is to require delivery to the one who (first) buys the contract. i.e., the first one who buys the contract is the only one who buys the contract. So if you don't want delivery, don't buy the contract. You can renege on a contract and get some (small) percentage of your money back, but you'd loose your shirt (and perhaps your house in the Hamptons).
Dancin Champion Author Toronto Posts:4,222 Points:1,784,965 Joined:Mar 2004	Message Posted: Jul 3, 2009 7:00:20 PM Ignore Dancin Report Abuse It continues to be overpriced and we should not stand for it. Let's get government regulating pricing at the pump.
DellDude2 Champion Author Nashville Posts:4,006 Points:1,154,410 Joined:Aug 2005	Message Posted: Jul 3, 2009 7:00:04 PM Ignore DellDude2 Report Abuse This is bizarre. No spike up yet for the holiday. Price today - $2.34.
4warned Champion Author Michigan Posts:4,253 Points:1,259,885 Joined:Nov 2006	Message Posted: Jul 3, 2009 6:51:32 PM Ignore 4warned Report Abuse Oil is down, however the price at the pump is up. I just do not get it other than just plain simple greed.
roadkillGA Champion Author Georgia Posts:3,382 Points:485,950 Joined:Jun 2008	Message Posted: Jul 3, 2009 6:44:57 PM Ignore roadkillGA Report Abuse Drop
georgeo Champion Author California Posts:2,521 Points:102,835 Joined:May 2009	Message Posted: Jul 3, 2009 6:43:21 PM Ignore georgeo Report Abuse Wait for the other shoe to drop.
PaylessKY Champion Author Kentucky Posts:3,600 Points:667,305 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:43:21 PM Ignore PaylessKY Report Abuse I hope the price come down further.
hauler43 Champion Author Oakland Posts:4,834 Points:1,858,355 Joined:Sep 2003	Message Posted: Jul 3, 2009 6:40:37 PM Ignore hauler43 Report Abuse Lets hope it goes lower