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Author	Topic: Crude Drops as Norway Ends Oil Strike, China Cuts Imports	Post a Reply Back to Topics

WxVette Rookie Author Omaha Posts:34 Points:1,014,205 Joined:Jul 2007	Message Posted: Jul 10, 2012 7:24:54 AM Ignore WxVette Report Abuse Oil dropped for a third time in four days after Norway ended a strike that threatened to halt production by western Europe’s largest crude exporter, while China reduced purchases of the commodity. Futures slipped as much as 1.6 percent in New York while London-traded Brent lost 2.1 percent after the Norwegian government ordered compulsory arbitration in the dispute, preventing a platform workers’ lockout scheduled to start at midnight yesterday. The nation pumped about 1.8 percent of global consumption, data from the Norwegian Petroleum Directorate show. China’s net crude imports fell to the lowest level this year, according to customs data today. “The end of the strike in Norway and lower imports by China are weighing on oil prices today, while in the background the Europe crisis Visit Bloomberg for full article

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Message Posted: Jul 10, 2012 7:24:54 AM

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Oil dropped for a third time in four days after Norway ended a strike that threatened to halt production by western Europe’s largest crude exporter, while China reduced purchases of the commodity.

Futures slipped as much as 1.6 percent in New York while London-traded Brent lost 2.1 percent after the Norwegian government ordered compulsory arbitration in the dispute, preventing a platform workers’ lockout scheduled to start at midnight yesterday. The nation pumped about 1.8 percent of global consumption, data from the Norwegian Petroleum Directorate show. China’s net crude imports fell to the lowest level this year, according to customs data today.

“The end of the strike in Norway and lower imports by China are weighing on oil prices today, while in the background the Europe crisis
Visit Bloomberg for full article

REPLIES (newest first)Ignore Short Messages

LetemEatCake Champion Author Oklahoma City Posts:5,609 Points:1,207,330 Joined:Mar 2008	Message Posted: Jul 12, 2012 12:14:02 AM Ignore LetemEatCake Report Abuse I think we may have seen the lowest the gas prices will go this summer. Price are up here significantly...and we have been some of the lowest in the US.
sjf238 Champion Author Philadelphia Posts:1,215 Points:647,955 Joined:Mar 2011	Message Posted: Jul 11, 2012 11:32:37 AM Ignore sjf238 Report Abuse Good.
Night Owl Champion Author Toronto Posts:7,560 Points:1,789,300 Joined:Jul 2004	Message Posted: Jul 10, 2012 9:47:34 PM Ignore Night Owl Report Abuse This latest excuse by greedy oil speculators was yet another scam. What excuse are they going to come up with tomorrow to raise oil prices? Oil prices should be half what they are now so that world economies can start to recover.
cmmattia Champion Author Long Island Posts:1,994 Points:393,535 Joined:Mar 2012	Message Posted: Jul 10, 2012 9:20:44 PM Ignore cmmattia Report Abuse keep dropping oil, keep dropping :)P
sjf238 Champion Author Philadelphia Posts:1,215 Points:647,955 Joined:Mar 2011	Message Posted: Jul 10, 2012 12:19:01 PM Ignore sjf238 Report Abuse OK
Tehbob Champion Author California Posts:2,306 Points:459,555 Joined:Jan 2012	Message Posted: Jul 10, 2012 11:03:54 AM Ignore Tehbob Report Abuse k
werich44 Champion Author California Posts:1,867 Points:470,905 Joined:Jun 2011	Message Posted: Jul 10, 2012 10:28:56 AM Ignore werich44 Report Abuse No need to worry, the speculators will have the price back up in no time.
bl626 All-Star Author Toledo Posts:824 Points:242,355 Joined:Feb 2011	Message Posted: Jul 10, 2012 10:21:09 AM Ignore bl626 Report Abuse Didn't even hear about the strike; nothing wrong seen those prices drop, but no matter what they'll find a way to jack it up.
knutzAL Champion Author Alabama Posts:2,248 Points:372,680 Joined:Feb 2012	Message Posted: Jul 10, 2012 10:08:43 AM Ignore knutzAL Report Abuse K
amerk73 Champion Author Dallas Posts:7,055 Points:1,622,930 Joined:Oct 2008	Message Posted: Jul 10, 2012 9:26:44 AM Ignore amerk73 Report Abuse WTI Crude Oil now at $85.38
TXRanger09 Champion Author Dallas Posts:2,515 Points:893,105 Joined:May 2009	Message Posted: Jul 10, 2012 8:29:08 AM Ignore TXRanger09 Report Abuse And there was much rejoicing, "Yaaaay".
dorisntx Champion Author Fort Worth Posts:2,079 Points:647,355 Joined:Apr 2011	Message Posted: Jul 10, 2012 8:22:04 AM Ignore dorisntx Report Abuse whatever
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: Jul 10, 2012 8:14:42 AM Ignore drpepperTX Report Abuse Nymex Crude Future $85.65 -0.34 -0.40% 09:00 ET Dated Brent Spot $99.22 -0.81 -0.81% 09:10 ET
VomVom Champion Author Calgary Posts:3,857 Points:1,627,080 Joined:May 2007	Message Posted: Jul 10, 2012 8:02:37 AM Ignore VomVom Report Abuse The summer driving season is here. Long weekends are here. So gasoline prices go up even though oil prices go down. This is as sure as death and taxes!
sabre75 Champion Author Florida Posts:1,663 Points:340,395 Joined:May 2012	Message Posted: Jul 10, 2012 7:59:01 AM Ignore sabre75 Report Abuse Why isn't the prices dropping.. They are going back up in Florida.
csblesson Champion Author Texas Posts:1,821 Points:354,850 Joined:May 2012	Message Posted: Jul 10, 2012 7:52:28 AM Ignore csblesson Report Abuse Let the price go down [Edited by: csblesson at 7/10/2012 8:52:41 AM EST]
deputydog082 Champion Author Detroit Posts:1,795 Points:662,270 Joined:Apr 2011	Message Posted: Jul 10, 2012 7:46:10 AM Ignore deputydog082 Report Abuse I'm waiting for my gas price to drop!
Buckeyee Champion Author Maine Posts:4,616 Points:901,575 Joined:May 2010	Message Posted: Jul 10, 2012 7:27:37 AM Ignore Buckeyee Report Abuse With dropping oil prices again, it will now take weeks for the gas price to reflect that.