Crude Oil Drops for Fourth Day on Concern Demand Will Weaken

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Monday, December 01, 2008 5:48:31 PM

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Crude Oil Drops for Fourth Day on Concern Demand Will Weaken Monday, October 06, 2008
Bloomberg -- Oct. 6 (Bloomberg) -- Crude oil fell for a fourth day as the credit crisis deepened in Europe, adding to concern that global economic growth will slow and reduce demand for fuels. Oil dipped as low as $88.89 a barrel after European leaders pledged to bail out troubled banks and protect depositors. OPEC President Chakib Khelil said today the price slide will continue next year, and Saudi Aramco, the world's largest state oil company, cut its selling prices for exports to Asia and the U.S. ``The negative sentiment that's growing in Europe is definitely having an impact,'' said Gene McGillian, an analyst at TFS Energy LLC in Stamford, Connecticut. ``The dollar going up helped oil start on a down note. People are looking at how far it will drop rather than looking at a technical rebound.''
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	Monday, October 06, 2008 Bloomberg -- Oct. 6 (Bloomberg) -- Crude oil fell for a fourth day as the credit crisis deepened in Europe, adding to concern that global economic growth will slow and reduce demand for fuels. Oil dipped as low as $88.89 a barrel after European leaders pledged to bail out troubled banks and protect depositors. OPEC President Chakib Khelil said today the price slide will continue next year, and Saudi Aramco, the world's largest state oil company, cut its selling prices for exports to Asia and the U.S. ``The negative sentiment that's growing in Europe is definitely having an impact,'' said Gene McGillian, an analyst at TFS Energy LLC in Stamford, Connecticut. ``The dollar going up helped oil start on a down note. People are looking at how far it will drop rather than looking at a technical rebound.'' Visit Bloomberg for full article

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kcgrl1 Sophomore Author Virginia Posts:113 Points:31,900 Joined:Feb 2007	Message Posted: 10/9/2008 12:57:33 PM	Ignore kcgrl1 Report Abuse
	Yay,keep dropping.
magnumCA Champion Author Los Angeles Posts:1,398 Points:270,125 Joined:Jan 2008	Message Posted: 10/9/2008 1:34:18 AM	Ignore magnumCA Report Abuse
	perfect
dmatte85 Sophomore Author Louisiana Posts:184 Points:16,200 Joined:Jul 2008	Message Posted: 10/9/2008 12:16:09 AM	Ignore dmatte85 Report Abuse
	great!
randygee99 Rookie Author Kentucky Posts:39 Points:48,870 Joined:Jun 2006	Message Posted: 10/8/2008 9:24:49 PM	Ignore randygee99 Report Abuse
	Let the Arabs keep their oil. Let's drill and produce our on oil.
type4 Sophomore Author Oakland Posts:178 Points:29,765 Joined:Aug 2008	Message Posted: 10/8/2008 8:32:15 PM	Ignore type4 Report Abuse
	Togethe, e can make a difference
TBRR Veteran Author Jacksonville Posts:330 Points:85,615 Joined:Dec 2007	Message Posted: 10/7/2008 11:15:33 AM	Ignore TBRR Report Abuse
	the demand should be rising again as all the aspiring race car drivers have hit the roads attempting to set a new land speed record again. what a waste of fuel. i keep the tach below 2k and get into 5th gear as soon as possible, can now get almost 600 miles out of a tank of gas. at 80 mph i would only get a little over 300 miles. what a difference, my wallet just loves it. drive samrter, not faster
TKDBlackBelt Champion Author Dayton Posts:1,354 Points:374,480 Joined:Mar 2007	Message Posted: 10/7/2008 11:11:13 AM	Ignore TKDBlackBelt Report Abuse
	It's ABOUT DANG TIME!! We've been reamed far too long already with the OVERINFLATED oil and gas prices!
REKEY All-Star Author South Carolina Posts:589 Points:134,305 Joined:May 2008	Message Posted: 10/7/2008 10:51:56 AM	Ignore REKEY Report Abuse
	As soon as it goes down in price demand will go back up, then the cycle starts again.
krucker All-Star Author Austin Posts:606 Points:430,005 Joined:Aug 2004	Message Posted: 10/7/2008 10:50:55 AM	Ignore krucker Report Abuse
	Demand has been weakening for months!
hblee Veteran Author Ontario Posts:400 Points:252,940 Joined:May 2004	Message Posted: 10/7/2008 10:50:09 AM	Ignore hblee Report Abuse
	With the word recession being spread around, we can only hope that the price of oil will go down further.
YLHandyman Champion Author Orange County Posts:1,449 Points:237,835 Joined:Feb 2008	Message Posted: 10/7/2008 10:48:21 AM	Ignore YLHandyman Report Abuse
	Looks like it is going up again.
skippypa Veteran Author Hawaii Posts:333 Points:128,140 Joined:Jun 2008	Message Posted: 10/7/2008 10:42:02 AM	Ignore skippypa Report Abuse
	Alright keep dropping.
noelblak Sophomore Author Oregon Posts:179 Points:161,485 Joined:Sep 2005	Message Posted: 10/7/2008 10:40:10 AM	Ignore noelblak Report Abuse
	Alright
twt Champion Author Virginia Beach Posts:6,294 Points:456,295 Joined:Mar 2005	Message Posted: 10/7/2008 10:35:29 AM	Ignore twt Report Abuse
	I hope the "big boys" are starting to realize that we WILL slow the demand, when necessary.
janctx All-Star Author Texas Posts:776 Points:296,165 Joined:Nov 2007	Message Posted: 10/7/2008 10:31:40 AM	Ignore janctx Report Abuse
	We americans are doing a great job of reducing demand
laddyboy62 Champion Author Riverside Posts:1,631 Points:1,004,285 Joined:Mar 2005	Message Posted: 10/7/2008 10:31:26 AM	Ignore laddyboy62 Report Abuse
	up a few bucks today so far
acknot All-Star Author Seattle Posts:926 Points:653,480 Joined:Sep 2003	Message Posted: 10/7/2008 10:31:00 AM	Ignore acknot Report Abuse
	That means less terrorist attacks.
24541 All-Star Author Virginia Posts:733 Points:941,965 Joined:Mar 2004	Message Posted: 10/7/2008 10:30:46 AM	Ignore 24541 Report Abuse
	If you want to see prices REALLY drop, drill here. Drill now.
NissanGirl Veteran Author Oregon Posts:304 Points:170,830 Joined:Jan 2008	Message Posted: 10/7/2008 10:30:32 AM	Ignore NissanGirl Report Abuse
	It seems as though OPEC has finally gotten the message.
ladyjj Champion Author Tennessee Posts:1,552 Points:171,485 Joined:Apr 2008	Message Posted: 10/7/2008 10:29:50 AM	Ignore ladyjj Report Abuse
	It would be nice if it dropped down to cents again wouldn't it.
EZExit Veteran Author Phoenix Posts:377 Points:95,000 Joined:Aug 2008	Message Posted: 10/7/2008 10:28:54 AM	Ignore EZExit Report Abuse
	$28.89 more reduction in oil/barrel pricing and I'll be happy...
surefirebyr Sophomore Author Stockton Posts:107 Points:77,720 Joined:Jan 2008	Message Posted: 10/7/2008 10:28:11 AM	Ignore surefirebyr Report Abuse
	Good news.
LaCajunDJ Veteran Author Louisiana Posts:409 Points:94,155 Joined:Jul 2008	Message Posted: 10/7/2008 10:25:18 AM	Ignore LaCajunDJ Report Abuse
	Good! Keep Dropping!!!
w4kh Champion Author Riverside Posts:3,715 Points:651,870 Joined:May 2004	Message Posted: 10/7/2008 10:23:59 AM	Ignore w4kh Report Abuse
	Maybe no one has the money to jump in and buy... too many people losing houses, jobs, and savings...
Dakota4x4 Sophomore Author Oklahoma City Posts:168 Points:692,380 Joined:Apr 2005	Message Posted: 10/7/2008 10:23:09 AM	Ignore Dakota4x4 Report Abuse
	just wait, they will reduce production more, and prices will stabilize and then go back up after the elections are over
Zygnatz Champion Author British Columbia Posts:5,036 Points:989,030 Joined:Oct 2005	Message Posted: 10/7/2008 10:22:14 AM	Ignore Zygnatz Report Abuse
	I'm waiting for under 50.
74celica Rookie Author Columbus Posts:22 Points:354,815 Joined:May 2006	Message Posted: 10/7/2008 10:21:37 AM	Ignore 74celica Report Abuse
	the oil industry is probally looking for the next excuse to raise prices
herbie1NC All-Star Author North Carolina Posts:683 Points:142,635 Joined:Jun 2008	Message Posted: 10/7/2008 10:18:17 AM	Ignore herbie1NC Report Abuse
	Keep falling..............we need 1.39 gallon gas again
Mazdaman7Q Champion Author South Carolina Posts:3,763 Points:799,650 Joined:Jun 2006	Message Posted: 10/7/2008 10:18:06 AM	Ignore Mazdaman7Q Report Abuse
	even with all the drops, the pumps are easily $1 overpriced
JoeKR Champion Author New Jersey Posts:1,954 Points:574,415 Joined:Feb 2006	Message Posted: 10/7/2008 10:15:40 AM	Ignore JoeKR Report Abuse
	So much for Opec's statementthe other day they won't tolerate oil under $100.
hangupanddrive All-Star Author Michigan Posts:705 Points:915,960 Joined:Aug 2005	Message Posted: 10/7/2008 10:15:01 AM	Ignore hangupanddrive Report Abuse
	Heck yes demand is dropping! None of us have any darn jobs!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
scrounger Champion Author Vancouver Posts:6,316 Points:1,693,320 Joined:Mar 2003	Message Posted: 10/7/2008 10:14:33 AM	Ignore scrounger Report Abuse
	speculators
Mooseman1 Champion Author Manitoba Posts:2,114 Points:320,805 Joined:Jul 2007	Message Posted: 10/7/2008 10:13:54 AM	Ignore Mooseman1 Report Abuse
	They should be concerned about weaker demand, gas is still too expensive.
TTI2000 Sophomore Author Colorado Springs Posts:135 Points:181,525 Joined:Aug 2004	Message Posted: 10/7/2008 10:11:13 AM	Ignore TTI2000 Report Abuse
	I think the crude oil price will continue to drop, but this will indicate the continued poor economy.
spunky4443 Champion Author Washington Posts:1,212 Points:467,780 Joined:May 2005	Message Posted: 10/7/2008 10:10:55 AM	Ignore spunky4443 Report Abuse
	Everybody should be happy with the drop in fuel prices!!!!!!!
Kerdink Veteran Author Cincinnati Posts:337 Points:87,005 Joined:Jun 2008	Message Posted: 10/7/2008 10:06:22 AM	Ignore Kerdink Report Abuse
	Do I hear $70 a barrel? Keep dropping!
Arktander All-Star Author Illinois Posts:639 Points:366,065 Joined:Aug 2005	Message Posted: 10/7/2008 10:06:07 AM	Ignore Arktander Report Abuse
	It's only fair.
tbybee Veteran Author Omaha Posts:322 Points:113,575 Joined:Apr 2008	Message Posted: 10/7/2008 10:05:31 AM	Ignore tbybee Report Abuse
	The lower the better
Chazzer Champion Author Nevada Posts:8,132 Points:1,739,635 Joined:May 2002	Message Posted: 10/7/2008 10:05:22 AM	Ignore Chazzer Report Abuse
	This is good!
sexymacho Rookie Author Florida Posts:78 Points:92,985 Joined:Oct 2006	Message Posted: 10/7/2008 10:05:14 AM	Ignore sexymacho Report Abuse
	The market is working.
platypus1926 Sophomore Author Georgia Posts:224 Points:223,020 Joined:Mar 2007	Message Posted: 10/7/2008 10:04:29 AM	Ignore platypus1926 Report Abuse
	keep dropping
Dennis783 Champion Author Wisconsin Posts:5,658 Points:1,133,870 Joined:Sep 2005	Message Posted: 10/7/2008 10:04:21 AM	Ignore Dennis783 Report Abuse
	and concern politicians will create problems if gas prices are too high on Nov 4
GasaHawg Veteran Author Texas Posts:481 Points:96,710 Joined:Nov 2005	Message Posted: 10/7/2008 10:04:00 AM	Ignore GasaHawg Report Abuse
	Good!!!!!!!!!!!!
HEBster All-Star Author Kentucky Posts:881 Points:782,780 Joined:May 2006	Message Posted: 10/7/2008 10:03:16 AM	Ignore HEBster Report Abuse
	Keep on comin' down!
gfpinson Veteran Author Atlanta Posts:370 Points:441,300 Joined:Sep 2003	Message Posted: 10/7/2008 10:01:50 AM	Ignore gfpinson Report Abuse
	But it is back over $90 this morning.
amacquarrie Veteran Author Nevada Posts:353 Points:81,235 Joined:Jun 2008	Message Posted: 10/7/2008 10:01:27 AM	Ignore amacquarrie Report Abuse
	keep falling
fsuford Champion Author Tallahassee Posts:6,613 Points:1,277,385 Joined:Mar 2005	Message Posted: 10/7/2008 10:01:04 AM	Ignore fsuford Report Abuse
	Keep falling!
bug27 Champion Author Kentucky Posts:2,019 Points:1,184,350 Joined:Apr 2005	Message Posted: 10/7/2008 9:59:34 AM	Ignore bug27 Report Abuse
	Up $4+ this morning.
no1doc Champion Author Milwaukee Posts:1,040 Points:176,875 Joined:Oct 2007	Message Posted: 10/7/2008 9:58:34 AM	Ignore no1doc Report Abuse
	good
steveski Veteran Author Maryland Posts:496 Points:131,325 Joined:May 2008	Message Posted: 10/7/2008 9:55:28 AM	Ignore steveski Report Abuse
	oil under $90 is good, oil under is $60 is even better and oil under $40 is bliss :)