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Oil falls below $66 after bleak U.S. jobs data

reuters -- LONDON (Reuters) - Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

In the latest sign the economy of the world's top consumer was still struggling, data on Thursday showed U.S. employers cut 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment climbed to a 10-year high.

"All the data was bad yesterday," said Rob Montefusco, a trader at Sucden Financial. "Technically, it looks pretty weak at the moment."

U.S. crude fell by $1.22 to $65.51 a barrel by 1:18 p.m. EDT, extending the previous session's nearly 4 percent drop. London Brent crude fell $1.35 to $65.30.

Friday's trading volumes were thin as NYMEX floor trading was clos

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Submitted Jul 04, 2009 By: liltruckman

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Lonewolftx Champion Author Houston Posts:7,574 Points:1,504,490 Joined:Sep 2005	Message Posted: Jul 4, 2009 8:41:48 AM Ignore Lonewolftx Report Abuse Last driving holiday before school starts up in August so we will see what happens on the next one after that, Labor Day.
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,012,760 Joined:Sep 2006	Message Posted: Jul 4, 2009 8:41:46 AM Ignore TeachR06 Report Abuse So now they will justify raising gas prices because they are hurting economically. It's alway a lose-lose for the consumer. How about lowering gas prices to stimulate the economy.
VetteBlue Champion Author San Jose Posts:5,466 Points:1,117,585 Joined:Jan 2007	Message Posted: Jul 4, 2009 8:41:39 AM Ignore VetteBlue Report Abuse Speculators are keeping oil and gas up.
CallJeffCa Champion Author Oakland Posts:2,102 Points:513,345 Joined:Oct 2007	Message Posted: Jul 4, 2009 8:41:26 AM Ignore CallJeffCa Report Abuse Crude should be around $30/barrel given the excessive supply and reduced demand.
tazdriver Champion Author Huntsville Posts:4,892 Points:1,177,500 Joined:Jan 2007	Message Posted: Jul 4, 2009 8:40:37 AM Ignore tazdriver Report Abuse Big woop, it should be dropping below $25.
Jamer Champion Author Orange County Posts:3,957 Points:695,550 Joined:Jul 2002	Message Posted: Jul 4, 2009 8:40:10 AM Ignore Jamer Report Abuse Try to conserve fuel any way you can people.
OilHo Champion Author Ontario Posts:6,221 Points:1,219,465 Joined:Jul 2006	Message Posted: Jul 4, 2009 8:40:06 AM Ignore OilHo Report Abuse Short oil
SgtWalleye Veteran Author Iowa Posts:338 Points:152,695 Joined:Mar 2007	Message Posted: Jul 4, 2009 8:38:53 AM Ignore SgtWalleye Report Abuse With all the crude on hand it should keep falling
goldilox88 Champion Author Montreal Posts:2,228 Points:619,605 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:37:03 AM Ignore goldilox88 Report Abuse markets versus demand. Gas will only go up in the long run.
cathevan Champion Author Manitoba Posts:2,132 Points:523,105 Joined:May 2007	Message Posted: Jul 4, 2009 8:36:21 AM Ignore cathevan Report Abuse why then are prices way up
mk9999 Champion Author Rochester Posts:2,947 Points:690,270 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:35:54 AM Ignore mk9999 Report Abuse Keep conserving and maybe it will keep falling.
Grismer Champion Author Kitchener-Waterloo Posts:3,682 Points:762,290 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:34:06 AM Ignore Grismer Report Abuse Until the economic infrastructure that caused the recession is improved, do not expect to see any stability in the stock markets or pump prices.
saveongasNC Champion Author North Carolina Posts:3,287 Points:720,250 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:33:19 AM Ignore saveongasNC Report Abuse Sounds good to me.
DABEE1073 Champion Author San Diego Posts:2,958 Points:592,560 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:30:28 AM Ignore DABEE1073 Report Abuse GREAT, OIL PRICES FALLING. JOB MARKET SUCKS. 6 MILLION OUT OF WORK. WHERE ARE TO 3 MILLION JOBS HIS MAJESTY PROMISED. ANOTHER LIE. HE HAS BROKEN ALL HIS PROMISES. TIME TO SACK HIS MAJESTY.
throttle Champion Author Maryland Posts:7,842 Points:1,648,480 Joined:Jul 2004	Message Posted: Jul 4, 2009 8:29:45 AM Ignore throttle Report Abuse Is this good news or bad news? :-)
BHSJackson Veteran Author Indiana Posts:385 Points:131,680 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:28:52 AM Ignore BHSJackson Report Abuse It'll go up next week when they say that this week's damand was up.
TXGasPriceSpy Champion Author Fort Worth Posts:2,656 Points:498,570 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:28:28 AM Ignore TXGasPriceSpy Report Abuse Oil prices are down pretty good, but gas prices are not down as much. Maybe this will change soon. I hope so.
Theczecho Champion Author Long Island Posts:1,547 Points:445,030 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:28:12 AM Ignore Theczecho Report Abuse They'll find another way to jack prices.
AvantiMick Champion Author Indiana Posts:8,001 Points:1,598,445 Joined:Dec 2005	Message Posted: Jul 4, 2009 8:27:53 AM Ignore AvantiMick Report Abuse Should never be over $40/bbl anyway.
Fataugie Veteran Author Rochester Posts:438 Points:247,015 Joined:Oct 2006	Message Posted: Jul 4, 2009 8:27:41 AM Ignore Fataugie Report Abuse It spiked in part to one dink manipulating it with futures and everyone following thinking he had the inside line. There was a story in the Financial Times yesterday.
tankneverfull Champion Author Charlotte Posts:4,212 Points:824,520 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:26:10 AM Ignore tankneverfull Report Abuse It should never be this high anyway!
jmg144 Champion Author Maryland Posts:6,733 Points:2,003,115 Joined:Jul 2004	Message Posted: Jul 4, 2009 8:25:28 AM Ignore jmg144 Report Abuse Let's see what happens by mid-July
armstrmb Champion Author Houston Posts:5,316 Points:1,108,730 Joined:Jun 2007	Message Posted: Jul 4, 2009 8:22:46 AM Ignore armstrmb Report Abuse Hopefully gas will follow suit.
Lengas Champion Author Gary Posts:8,364 Points:1,736,355 Joined:Nov 2004	Message Posted: Jul 4, 2009 8:22:16 AM Ignore Lengas Report Abuse "last month's rally was overdone" 5 years ago.
thwadi Champion Author Cleveland Posts:2,136 Points:605,090 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:20:17 AM Ignore thwadi Report Abuse Economy will recover when the fundamentals adjust. Not by giveaways of future tax dollars to the wealthy or poor. Wealth not debt needs to return to the working class. Gas prices need to be lower. Happy 4th of July.
greatscot08 All-Star Author Columbus Posts:944 Points:187,460 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:20:00 AM Ignore greatscot08 Report Abuse This is (short term )good news.....but based on past performance I feel like I'm waiting for the other shoe to hit the floor......
jd2009 Champion Author Honolulu Posts:1,779 Points:555,695 Joined:Jan 2009	Message Posted: Jul 4, 2009 8:19:50 AM Ignore jd2009 Report Abuse Unemployment up, crude oil prices down, and still gas prices are going up ... keep conserving
gasie1 Champion Author Maine Posts:5,604 Points:1,564,140 Joined:Nov 2005	Message Posted: Jul 4, 2009 8:19:32 AM Ignore gasie1 Report Abuse Keep falling!
BumbleBeeOK Champion Author Oklahoma City Posts:2,310 Points:398,460 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:19:26 AM Ignore BumbleBeeOK Report Abuse Like the Price is Right----Come on down============
gasman50 Champion Author Portland Posts:3,899 Points:1,431,715 Joined:Nov 2005	Message Posted: Jul 4, 2009 8:18:01 AM Ignore gasman50 Report Abuse Down baby, down
6642337 Champion Author Illinois Posts:22,070 Points:936,515 Joined:Jun 2006	Message Posted: Jul 4, 2009 8:17:43 AM Ignore 6642337 Report Abuse Oil droped and gas prices droped I like that.
ironbox_sara Champion Author Albany Posts:4,691 Points:1,291,675 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:17:00 AM Ignore ironbox_sara Report Abuse What is this "rally" crap? Does that make this a game???
jerick Champion Author New Mexico Posts:3,169 Points:608,255 Joined:Aug 2006	Message Posted: Jul 4, 2009 8:15:23 AM Ignore jerick Report Abuse It's very clear that if and when the world (and our) economy recovers, oil will go through the roof again. Now's the time to redirect our efforts to develop alternative energies. Simply being happy with falling oil prices right now is very short-sighted.
techque Champion Author St. Louis Posts:3,862 Points:1,520,340 Joined:Apr 2005	Message Posted: Jul 4, 2009 8:13:54 AM Ignore techque Report Abuse "Excessive speculation and a weak dollar have lifted oil prices to levels not sustainable by market fundamentals,"
Pozole Champion Author Portland Posts:3,169 Points:615,730 Joined:Mar 2005	Message Posted: Jul 4, 2009 8:13:08 AM Ignore Pozole Report Abuse ...come on down...
psuray All-Star Author Hartford Posts:919 Points:223,650 Joined:Feb 2009	Message Posted: Jul 4, 2009 8:10:07 AM Ignore psuray Report Abuse More good news -bad news. Gas prices drop and we don't have jobs to buy it.
CharlieC08 Champion Author Colorado Posts:3,797 Points:645,295 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:09:04 AM Ignore CharlieC08 Report Abuse Well thats what the market does.
Marson Champion Author Scranton Posts:4,359 Points:1,140,820 Joined:Oct 2006	Message Posted: Jul 4, 2009 8:07:51 AM Ignore Marson Report Abuse Sounds like a little reality in the marketes.
marinasgrandpa All-Star Author Atlanta Posts:791 Points:354,350 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:07:24 AM Ignore marinasgrandpa Report Abuse and GM still has plants that they will shut down and add even more to the unemployment roles
arnerator Champion Author Seattle Posts:3,217 Points:650,210 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:05:20 AM Ignore arnerator Report Abuse Another yo yo day.
abuck Champion Author Pittsburgh Posts:3,257 Points:585,195 Joined:Jul 2008	Message Posted: Jul 4, 2009 8:04:54 AM Ignore abuck Report Abuse Would be nice if it continued to drop and if the economy could recover, however, I don't see that happening.
lightbulbman2008 Champion Author Worcester Posts:43,240 Points:648,360 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:03:48 AM Ignore lightbulbman2008 Report Abuse ...but at the oil well fell in price,will we really see a big drop in gasoline prices at the retail or consumer level soon?
cincindie Champion Author Cincinnati Posts:9,784 Points:1,936,545 Joined:Mar 2004	Message Posted: Jul 4, 2009 8:02:28 AM Ignore cincindie Report Abuse The oil market was overpriced since late last year when prices inexplicably started rising.
Yonkers111 Champion Author Scranton Posts:6,328 Points:536,820 Joined:Apr 2007	Message Posted: Jul 4, 2009 7:59:29 AM Ignore Yonkers111 Report Abuse Oil is currently cheap. Try to adapt.
cableman31 Champion Author New York Posts:4,017 Points:1,065,855 Joined:May 2004	Message Posted: Jul 4, 2009 7:58:23 AM Ignore cableman31 Report Abuse Oil is bitting into the economy the same as it did last year and no polititions seem to care.
winggnutt Champion Author Detroit Posts:6,332 Points:1,426,900 Joined:Aug 2005	Message Posted: Jul 4, 2009 7:56:03 AM Ignore winggnutt Report Abuse make it 467001---mine ended this week....
almoose2558 All-Star Author New Jersey Posts:517 Points:201,005 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:54:55 AM Ignore almoose2558 Report Abuse hope this weeks trend continues for a while. we can use a break from these greedy creeps. but of course it will take weeks for gas prices to receed and catch up to crude.
PrepHermit Champion Author New Jersey Posts:3,250 Points:671,505 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:53:49 AM Ignore PrepHermit Report Abuse Good news - but the speculators will see this as a "bargain" and drive the price back up again as soon as there is a piece of news that they can try to justify it with.
DerHahn Champion Author Illinois Posts:8,089 Points:1,144,100 Joined:May 2004	Message Posted: Jul 4, 2009 7:53:02 AM Ignore DerHahn Report Abuse have to see what happens on monday
stangs Veteran Author Washington Posts:258 Points:449,505 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:51:58 AM Ignore stangs Report Abuse good to see it drop. the price of gas has stareted to drop here down to $3,01 a gal
bumpygas Champion Author Nebraska Posts:3,489 Points:955,500 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:49:07 AM Ignore bumpygas Report Abuse The price at the pump hasen't dropped a penny here.
TECH500 Champion Author Alberta Posts:3,141 Points:654,655 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:46:12 AM Ignore TECH500 Report Abuse Yes, but I bet they will be back up there before the month ends.