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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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Lizzylou Champion Author Stockton Posts:4,515 Points:1,500,700 Joined:Oct 2005	Message Posted: Jul 4, 2009 9:27:58 AM Ignore Lizzylou Report Abuse Oil and gas prices should be going down. Times are hard enough for those who have lost their jobs, cut in hours, having to now pay health benefits, stores going out of business.
CSharpGuy Champion Author Colorado Springs Posts:4,549 Points:923,310 Joined:Jan 2008	Message Posted: Jul 4, 2009 9:26:18 AM Ignore CSharpGuy Report Abuse So now oil is a damper to any economic recovery. When the outlook is good, oil prices go up. But the economy can't recover with high oil prices.
NatureBoyKY Champion Author Kentucky Posts:1,881 Points:617,915 Joined:Jan 2008	Message Posted: Jul 4, 2009 9:26:10 AM Ignore NatureBoyKY Report Abuse 1 of the 2 forces that caused this "hardened its views"? The speculative purchase of gasonline once was not allowed, should not be allowed, and is the major cause of the "economic weakness" we now face.
maske_2222 Champion Author Manitoba Posts:3,108 Points:644,115 Joined:Oct 2008	Message Posted: Jul 4, 2009 9:25:53 AM Ignore maske_2222 Report Abuse lets keep falling baby.
PizzaMon Champion Author Philadelphia Posts:2,183 Points:953,985 Joined:Jun 2006	Message Posted: Jul 4, 2009 9:23:45 AM Ignore PizzaMon Report Abuse Why does the administration continue to paint a rosy picture about the unemploymnet data (jobs created and saved)for their own purposes?
BigBobOH Sophomore Author Cleveland Posts:217 Points:102,710 Joined:Mar 2009	Message Posted: Jul 4, 2009 9:22:46 AM Ignore BigBobOH Report Abuse Something will happen to change the tide.
Cruiser340 Champion Author Grand Rapids Posts:7,515 Points:1,814,010 Joined:May 2004	Message Posted: Jul 4, 2009 9:22:39 AM Ignore Cruiser340 Report Abuse lower oil prices, there is a glut, so stop buying and the price will drop even more.
Neilbee Rookie Author Houston Posts:21 Points:12,100 Joined:Jun 2009	Message Posted: Jul 4, 2009 9:20:35 AM Ignore Neilbee Report Abuse Gas prices are inextricably linked with the prevailing economic situation. However. the writer fails to mention the huge lobby of the leading oil companies to maintain a remunerative price to reap their usual exorbitant profits. Why on earth did they fund the politicians for? Generosity? Or to to get their pound of flesh?
honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Jul 4, 2009 9:19:17 AM Ignore honda0105 Report Abuse Wishing everyone a happy and safe 4th of July and thank you to all military folks who make another safe one possible.
honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Jul 4, 2009 9:18:40 AM Ignore honda0105 Report Abuse up, down, up, down. Anything else new?
Skip928 Champion Author Arizona Posts:1,833 Points:688,185 Joined:Mar 2008	Message Posted: Jul 4, 2009 9:17:03 AM Ignore Skip928 Report Abuse Thank someone servicing in our Military for being able to have a Holiday to enjoy.
Don20 Champion Author Oklahoma City Posts:4,729 Points:1,644,800 Joined:Mar 2005	Message Posted: Jul 4, 2009 9:16:12 AM Ignore Don20 Report Abuse When all that storage oil hits the market, they will be trying to give it away. Someone will loose their butt and the tax payer get it again.. Happy 4th of July...
murdershewrote Champion Author Riverside Posts:4,622 Points:1,631,260 Joined:Mar 2005	Message Posted: Jul 4, 2009 9:13:39 AM Ignore murdershewrote Report Abuse happy 4th
RedRam2005 Champion Author San Antonio Posts:3,544 Points:601,275 Joined:Dec 2007	Message Posted: Jul 4, 2009 9:12:53 AM Ignore RedRam2005 Report Abuse Bleak is being nice. The economy continues in a downward spiral
FordGuy48 Champion Author Albuquerque Posts:1,216 Points:470,065 Joined:Jul 2005	Message Posted: Jul 4, 2009 9:12:32 AM Ignore FordGuy48 Report Abuse Good, eat your losses you greedy speculators! The only thing Obamaination is saving is his own money!!!!!
snell snail Champion Author Atlanta Posts:1,878 Points:1,687,720 Joined:Feb 2004	Message Posted: Jul 4, 2009 9:11:47 AM Ignore snell snail Report Abuse ...only temporary dip in prices....
NJColt Champion Author New Jersey Posts:7,835 Points:1,670,530 Joined:Aug 2005	Message Posted: Jul 4, 2009 9:10:15 AM Ignore NJColt Report Abuse but obama the is the savior - no? where are all the sheep that had no concept of the issues and just voted based on his "feel good" commercials? IDIOTS!
biza4u Champion Author New Haven Posts:3,601 Points:655,455 Joined:Jan 2007	Message Posted: Jul 4, 2009 9:09:28 AM Ignore biza4u Report Abuse It needs to go lower so people can afford to drive their cars heat their homes and truckers can make a decent living
ml64 Rookie Author Akron Posts:2 Points:1,205 Joined:Apr 2009	Message Posted: Jul 4, 2009 9:09:16 AM Ignore ml64 Report Abuse Down in a week by 1 or 2 cents but up in an hour by 10 or 20 cents. This way the greedy gas companies can keep all of us guessing. In my area Tuesday is the magic day, even if not change in the price of a barrel we will have a price change normally up. Heaven help us.
EXTREMESNOW Champion Author Medford Posts:4,505 Points:948,760 Joined:Jul 2006	Message Posted: Jul 4, 2009 9:08:50 AM Ignore EXTREMESNOW Report Abuse Job data was bleak months ago and oil still climbed to over $70, how did this happen? OH YEAH, the world doesn't revolve around US JOBS, just our money, given all the foreign aide our gov. promises.
Mowerman08 All-Star Author Milwaukee Posts:964 Points:430,800 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:06:34 AM Ignore Mowerman08 Report Abuse More stimulus, someone said unemployment wouldn't go above 9%, you won't have a single dime added to your tax bill, etc, etc.
yukonjack Champion Author Georgia Posts:4,384 Points:1,139,045 Joined:Oct 2004	Message Posted: Jul 4, 2009 9:05:13 AM Ignore yukonjack Report Abuse If you think job data is bleak now, wait a month and see where it.
915Chief Champion Author San Diego Posts:3,630 Points:712,025 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:04:44 AM Ignore 915Chief Report Abuse Let's see it drop below $50/barrel.
bbreff Champion Author Atlanta Posts:5,159 Points:1,636,095 Joined:Jun 2005	Message Posted: Jul 4, 2009 9:04:03 AM Ignore bbreff Report Abuse Let it keep dropping.
ifallsguy Champion Author Minnesota Posts:2,718 Points:754,800 Joined:Apr 2007	Message Posted: Jul 4, 2009 9:03:04 AM Ignore ifallsguy Report Abuse Crude will bounce for while, but will settle down at $75
Cuzilla Champion Author Indianapolis Posts:8,803 Points:1,548,265 Joined:Sep 2005	Message Posted: Jul 4, 2009 9:00:59 AM Ignore Cuzilla Report Abuse Good! When the price of oil stocks go down, I'll buy more. Eventually the prices will start back up and so will my stocks. This is how I pay for my high-priced gasoline!!! Enjoy!
RoadhogMA Champion Author Boston Posts:2,069 Points:472,625 Joined:Dec 2008	Message Posted: Jul 4, 2009 8:59:25 AM Ignore RoadhogMA Report Abuse Get rid of the speculators.
jayrad1957 Champion Author Los Angeles Posts:7,690 Points:620,190 Joined:Nov 2008	Message Posted: Jul 4, 2009 8:59:02 AM Ignore jayrad1957 Report Abuse I guess prices will be reflected at the pump in a week or so.
#1purple Veteran Author Grand Rapids Posts:261 Points:570,755 Joined:May 2004	Message Posted: Jul 4, 2009 8:58:34 AM Ignore #1purple Report Abuse Have you ever notice that price go up immediately for any reason (justified or not) and the increase are 10, 20 or 30 cents and a time. When decrease it's never immediate and the decrease are 1, 2, or possible 5 cents at a time.
erfstruck Sophomore Author Grand Rapids Posts:206 Points:874,295 Joined:Jul 2006	Message Posted: Jul 4, 2009 8:57:53 AM Ignore erfstruck Report Abuse does that mean they will drop tha price 1 or 2 cents
SSchmidty Champion Author Illinois Posts:4,316 Points:816,340 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:57:26 AM Ignore SSchmidty Report Abuse It's a principle called "supply & demand" ... and we all have not been "demanding" more, but less since 11/2007 ... for every month. Hence the pig-oil attempts to "trick" world into paying more for what we don't want!!!!
baitmn Champion Author New Orleans Posts:3,998 Points:1,126,975 Joined:Sep 2006	Message Posted: Jul 4, 2009 8:56:46 AM Ignore baitmn Report Abuse The price may be falling, but here the pump price stays the same as high as ever, Just GREED
macbeth2012 Champion Author Wisconsin Posts:1,783 Points:336,985 Joined:Jan 2009	Message Posted: Jul 4, 2009 8:56:36 AM Ignore macbeth2012 Report Abuse Oil will fall as soon as we put a bounty on speculators.
Mooseman1 Champion Author Manitoba Posts:5,535 Points:930,645 Joined:Jul 2007	Message Posted: Jul 4, 2009 8:55:28 AM Ignore Mooseman1 Report Abuse Good news, I wish it will happen this time.
dondee118 Champion Author Kansas City Posts:3,993 Points:743,165 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:54:51 AM Ignore dondee118 Report Abuse Stimulus plan didn't create OR save jobs. Just spent taxpayer's money. Keynesian economics doesn't work, Obama. Been proven over and over, and you've proven it once again.
rvn4me Champion Author Texas Posts:1,872 Points:551,810 Joined:Jan 2009	Message Posted: Jul 4, 2009 8:53:22 AM Ignore rvn4me Report Abuse Maybe more speculators will get caught with their pants down.
kruk Champion Author London Posts:2,843 Points:332,715 Joined:Jan 2007	Message Posted: Jul 4, 2009 8:49:51 AM Ignore kruk Report Abuse it will go lower - now is time for speculator to pay price
reb4 Champion Author Chicago Posts:7,496 Points:842,550 Joined:Sep 2004	Message Posted: Jul 4, 2009 8:49:07 AM Ignore reb4 Report Abuse About time price came down. Needs to drop to about half for current economic conditions... STOP MANIPULATING PRICES!
carlsonguitars Champion Author Portland Posts:4,210 Points:697,070 Joined:Jan 2008	Message Posted: Jul 4, 2009 8:47:53 AM Ignore carlsonguitars Report Abuse Actually, I believe it is "oil falls below $66 after warm weather" is about as relative as the pope smoking a cigar would cause oil to change price!!! US JOBS DATA has NOTHING to do with oil price changes!!!!!!!!!!!!!
yel Rookie Author Lexington Posts:72 Points:962,265 Joined:Oct 2005	Message Posted: Jul 4, 2009 8:47:02 AM Ignore yel Report Abuse Auto makers could make a more efficent running vehicle.The Knowledge is there.That would helpbring the price of gas down.
AC-302 Champion Author Los Angeles Posts:14,839 Points:1,943,685 Joined:Aug 2004	Message Posted: Jul 4, 2009 8:46:45 AM Ignore AC-302 Report Abuse In one sense, I hope it keeps falling, but not due to jobs reports. As soon as the World economy starts picking up, OPEC will jack the price up, or jack with the price, as it were..
FPLREP Champion Author Virginia Posts:3,350 Points:1,496,755 Joined:Oct 2005	Message Posted: Jul 4, 2009 8:46:40 AM Ignore FPLREP Report Abuse Oil speculation should be outlawed. Oil is not a commodity it is a necessity for modern living. The desires of a few are placed above the good of many! If they do not stop this push of oil prices the recovery will take longer.
spunky4443 Champion Author Washington Posts:4,004 Points:1,049,170 Joined:May 2005	Message Posted: Jul 4, 2009 8:45:47 AM Ignore spunky4443 Report Abuse The price can keep on falling, nobody around here is going to complain.
JadeKY Champion Author Louisville Posts:3,771 Points:750,680 Joined:May 2008	Message Posted: Jul 4, 2009 8:45:40 AM Ignore JadeKY Report Abuse There was no justification for all this greed, give us a break!
DeepInOhio Champion Author Ohio Posts:1,930 Points:626,530 Joined:May 2008	Message Posted: Jul 4, 2009 8:44:58 AM Ignore DeepInOhio Report Abuse Well said Grismer! --QUOTE-- Until the economic infrastructure that caused the recession is improved, do not expect to see any stability in the stock markets or pump prices --UNQUOTE--
DrivingFool2 Champion Author Wisconsin Posts:3,466 Points:644,765 Joined:Apr 2005	Message Posted: Jul 4, 2009 8:44:51 AM Ignore DrivingFool2 Report Abuse Take their oil and pound it in their ***
rickgpr Sophomore Author Maryland Posts:168 Points:153,080 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:43:06 AM Ignore rickgpr Report Abuse Is this the next bubble?? We have such a glut now, prices can't stay high. If you're in oil, watch out!!
StuCoFromage37 All-Star Author Illinois Posts:689 Points:109,055 Joined:May 2009	Message Posted: Jul 4, 2009 8:42:57 AM Ignore StuCoFromage37 Report Abuse Gas prices are too high, but I feel that there is light at the end of the tunnel. Gas has steadily begun to drop, which is definitely a good thing.
dollarwatcher Champion Author Wisconsin Posts:2,987 Points:559,750 Joined:Mar 2007	Message Posted: Jul 4, 2009 8:42:55 AM Ignore dollarwatcher Report Abuse It's gonna be what it's gonna be. HAPPY 4TH ya all.
Number43 Champion Author Lexington Posts:3,497 Points:677,150 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:41:52 AM Ignore Number43 Report Abuse Gas prices are still too high.
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.