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GasBuddy News Article

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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
Category: Daily News Article Discussions > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Oil hovers above $66 after weak jobs data Post a Reply Back to Topics
REPLIES (newest first)
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Champion Author Missouri

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Message Posted: Jul 3, 2009 1:13:20 PM

Should be $40/ barrel.
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Champion Author Indianapolis

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Message Posted: Jul 3, 2009 1:13:12 PM

OPEC wants $75 a barrel for oil!
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Champion Author Maine

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Message Posted: Jul 3, 2009 1:10:10 PM

Dwelling upon one day movements in the oil market is a waste of time.
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Champion Author Riverside

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Message Posted: Jul 3, 2009 1:09:18 PM

Another example of data refusing to confirm the "analysts" pontificating: the economy is still weak, which keeps the price of oil down versus the economy is rebounding and the dollar is strengthening will keeps the price of oil down... Makes me think the reporters haven't a clue!
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All-Star Author Seattle

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Message Posted: Jul 3, 2009 1:08:31 PM

all of that bad news and they still have such a high price for a barrel of oil
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Veteran Author Washington

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Message Posted: Jul 3, 2009 1:07:20 PM

Same old song. It won't change and it will get worse once the world's economy recovers. To change the situation, need more supply (drill more) and reduce the use of petroleum to manufacturing needs and not energy needs. We need to increase use of solar, wind, hydro, geo and nuclear energy to fuel our industries and vehicles.
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Champion Author Virginia

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Message Posted: Jul 3, 2009 12:56:27 PM

Gas actually dropped a few cents around here to follow suit. Have not seen that in a while.
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Champion Author Michigan

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Message Posted: Jul 3, 2009 12:56:23 PM

Kinda funny how the president says the economy is getting better, and will thrive under his new green bill, yeah right it will cost millions more jobs, and create just a handfull. A 26 year high unemployment rate, wow, you never saw that on the mainstream news media tv cbs, nbc, msnbc, and cnn keep saying the economy is improving, and keep congratulating the President for it. The city I live in of about 10,000 now has a 24% umemployment rate, gas prices need to drop a heck of a lot more for it to help. Things aren't getting better, they're getting worse, much worse.
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Champion Author South Carolina

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Message Posted: Jul 3, 2009 12:55:50 PM

Hope it goes down!
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Champion Author Illinois

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Message Posted: Jul 3, 2009 12:49:51 PM

The stocks fall over grim news of economy,and in the meantime OPEC is claiming the world's economy problems are over. Please support $70 oil prices.
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Champion Author Florida

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Message Posted: Jul 3, 2009 12:48:27 PM

is that why gas prices are dropping a bit? i noticed them going down a few cents here
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Champion Author Toronto

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Message Posted: Jul 3, 2009 12:48:20 PM

It would be good news if Oil prices would actually affect gas prices. Here it went up by 6 cents/L for our July 1'st holiday (can't understand it as its not a long weekend for most unless you take 2 days off before or after) then has dropped down 4 cents. However, that still leaves it at $.96/L or $4.36+ / gal Cdn here. Also, being in city area of Toronto, gas has been 3-4 cents/L more than rural areas around it- only reason could be gouging, as city is a distribution point to the country area can't be extra costs.
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Champion Author Detroit

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Message Posted: Jul 3, 2009 12:46:53 PM

I'm sorry that speculators don't have the ammo to raise the prices
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All-Star Author Albuquerque

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Message Posted: Jul 3, 2009 12:38:07 PM

The tie between oil prices and jobs is way too scary.
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Champion Author Lexington

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Message Posted: Jul 3, 2009 12:36:06 PM

I would love to see it more like $6.00 per barrel.
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Veteran Author Richmond

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Message Posted: Jul 3, 2009 12:35:12 PM

all of that bad news and they still have such a high price for a barrel of oil .. what planet as these people on ?
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Champion Author California

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Message Posted: Jul 3, 2009 12:33:32 PM

Oil needs to drop another $30 a barrel and we get all of our refineries working.
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Champion Author Detroit

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Message Posted: Jul 3, 2009 12:31:03 PM

Maybe that will lower gas prices after the holiday
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Champion Author Detroit

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Message Posted: Jul 3, 2009 12:27:37 PM

When all of the troops leave Iraq the cost of oil will surge due to the unrest that will re-emerge, a situation that has plagued that area for hundreds of years.
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All-Star Author Missouri

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Message Posted: Jul 3, 2009 12:27:19 PM

Hmmmmm sounds fishy to me. I'll think I'll go ride my bike and think about for a while.
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Champion Author Virginia

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Message Posted: Jul 3, 2009 12:25:53 PM

Prices steady here - we did not get the big holiday weekend jump that I thought we would get.
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Champion Author Alabama

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Message Posted: Jul 3, 2009 12:22:54 PM

good, should be 6 dollars per bbl since the majority of countries only pay 2.00 per bbl to extract it.

[Edited by: Wonderdaddie at 7/3/2009 1:23:09 PM EST]
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Rookie Author Orlando

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Message Posted: Jul 3, 2009 12:22:01 PM

I hope it keeps the gas prices low.
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Champion Author St. Louis

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Message Posted: Jul 3, 2009 12:20:54 PM

Continue to conserve.
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Champion Author New Jersey

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Message Posted: Jul 3, 2009 12:18:25 PM

High demand, poor jobs...what is a speculator to do?

[Edited by: sjl08203 at 7/3/2009 1:18:49 PM EST]
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Champion Author Lincoln

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Message Posted: Jul 3, 2009 12:16:03 PM

I can only hope that the prices go down more.
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All-Star Author Quad Cities

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Message Posted: Jul 3, 2009 12:14:26 PM

Let it hover,keep conserving
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Champion Author Winnipeg

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Message Posted: Jul 3, 2009 12:12:31 PM

"The world economy has recovered"
-OPEC President Jose Maria Botelho de Vasconcelos
said today in Beijing.He told reporters at the Global Think Tank Summit.

From "OPEC Says ‘Satisfied’ With Current Crude Oil Price" Bloomberg Article.

How can anyone lie so badly.



[Edited by: UncleCurt at 7/3/2009 1:14:48 PM EST]
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Rookie Author Dayton

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Message Posted: Jul 3, 2009 12:10:43 PM

Gas prices have changed .20-.30 higher in just a day.
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Champion Author Fort Worth

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Message Posted: Jul 3, 2009 12:05:39 PM

gas prices have not changed here in three days. but everone said the price was going down lucky us went it goes down it will be time for it to go back up
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Champion Author Worcester

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Message Posted: Jul 3, 2009 12:01:28 PM

keep demand down
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Champion Author Arizona

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Message Posted: Jul 3, 2009 11:56:15 AM

hamdriver do you think we will get it by the government spending more than we have to give?
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Rookie Author San Antonio

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Message Posted: Jul 3, 2009 11:55:59 AM

Thank goodness gas prices are lower. Some financial experts did say the unemployment rate would continue to rise since it will be the last sector that makes a turnaround.
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All-Star Author Kentucky

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Message Posted: Jul 3, 2009 11:55:28 AM

Keep conserving.
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Sophomore Author Lansing

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Message Posted: Jul 3, 2009 11:55:03 AM

We need an economy boost real bad.
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Champion Author Riverside

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Message Posted: Jul 3, 2009 11:54:29 AM

It should be around $60.00
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Champion Author Iowa

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Message Posted: Jul 3, 2009 11:51:12 AM

We've yet to hit bottom with the economy, record jobless rate, housing still fragile and the credit card industry boom yet to hit. They better not trifle with oil prices getting any higher than this which is about $30 too high as it is, I don't care what OPEC wants.
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Champion Author Houston

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Message Posted: Jul 3, 2009 11:46:31 AM

Unfortunately this is only the start of bad news. Wait till unemployment crosses 10% and when america finally recognizes that it has squandered a trillion dollars on payback disguised as a stimulus. I hate to think what the economy will look like by this time next year.
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Champion Author Salt Lake City

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Message Posted: Jul 3, 2009 11:44:58 AM

But that didn't stop the gas pumps from going up again another 5 cents.

Conservation is the best thing we can do. We still need to implement a fast track to alternative fuels and energy to be come energy independent from foreign support, big oil companies and local utilities monopoly.
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Champion Author Fort Worth

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Message Posted: Jul 3, 2009 11:39:30 AM

Gas prices are down by a few cents around here but they should be even lower than that. I hope they go down even more.
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Champion Author Tampa

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Message Posted: Jul 3, 2009 11:39:05 AM

BGCowboy....WATCH OUT!!!

With comments like those, you'll have some Obama thugs on your doorstep in a matter of hours.
--------------------
Skippypa says: "I still think the price of oil should be $50.00 a barrel."

The price should be what the market demands. You don't want anyone from outside your industry to dictate how much you make, so why should you place demands on others outside of your industry?

Supply and demand should set the price. The speculators interfere with that. So does government, so don't hope that the price goes down TOO low. Our current thugocracy will see a low price as an opportunity to place a hefty tax on the Evil Fossil Fuel and after that happens, people will line up for blocks to fill their tanks with "bargain" $3.50/gallon gas! You'll never see gas below $2/gallon again!
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Champion Author Kitchener-Waterloo

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Message Posted: Jul 3, 2009 11:36:39 AM

Drive wisely, safely, and enjoy the holiday.
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Rookie Author Austin

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Message Posted: Jul 3, 2009 11:34:52 AM

It's not necessarily the oil companies driving the oil prices - case in point:
http://www.foxnews.com/story/0,2933,529927,00.html?loomia_ow=t0:s0:a16:g2:r4:c0.143732:b26187632:z0

Seems a rogue trader was trying to make some extra $$$ and got burned.
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Champion Author Orange County

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Message Posted: Jul 3, 2009 11:33:24 AM

No real reason that oil should be this high.
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Veteran Author Toledo

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Message Posted: Jul 3, 2009 11:24:23 AM

I want a car that runs on COAL...

Yes, smoke-belching, pollution-making, but cheap to produce and something we have that'd last for a century or more - COAL!

Screw the entire idea of ELECTRIC cars that are insanely expensive (needs to be UNDER $10,000) and have no real pulling power to haul loads and distance for meandering around out on the roads.

Gimme COAL Mr. Prez!!! And power my HOUSE with it as well!
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Champion Author Hawaii

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Message Posted: Jul 3, 2009 11:23:56 AM

I still think the price of oil should be $50.00 a barrel.
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Champion Author Oklahoma City

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Message Posted: Jul 3, 2009 11:19:52 AM

Conserve HERE, conserve NOW!
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Champion Author Pittsburgh

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Message Posted: Jul 3, 2009 11:10:51 AM

We've actually dropped a little recently...about 10 cents a gallon. Most stations are between 2.59 and 2.69
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Champion Author Indiana

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Message Posted: Jul 3, 2009 11:05:42 AM

And gas went up here 14 cents on Wednsday too.
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Champion Author New Orleans

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Message Posted: Jul 3, 2009 11:03:31 AM

Ok this is not a low for the oil market, by the end of summer more than 1/3 of the usa will be out of jobs
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Champion Author Honolulu

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Message Posted: Jul 3, 2009 11:03:31 AM

Crude oil prices need to go below $50 a barrel ... gas prices still on the rise over here ... above $3.00
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