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Oil falls towards $67, focus on weak U.S. economy

The Washington Post -- LONDON (Reuters) - Swelling gasoline stocks and a far bigger than expected rise in U.S. unemployment drove oil markets down around $2 on Thursday toward $67 a barrel.

In the latest signal the economy of the world's biggest energy consumer was still struggling, data on Thursday showed U.S. employers had cut 467,000 jobs in June and the unemployment rate had risen to 9.5 percent.

U.S. crude fell $2.02 to $67.19 a barrel by 9:07 a.m. EDT. The contract settled 58 cents lower at $69.31 on Wednesday.

London Brent crude dropped by $1.78 to $67.01.

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Submitted Jul 02, 2009 By: GM

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paulydel Champion Author Delaware Posts:4,208 Points:465,305 Joined:Jan 2008	Message Posted: Jul 2, 2009 8:48:26 PM Ignore paulydel Report Abuse Oil prices per barrel fall along with the US dollar getting weaker.
w4kh Champion Author Riverside Posts:6,851 Points:1,273,495 Joined:May 2004	Message Posted: Jul 2, 2009 8:45:49 PM Ignore w4kh Report Abuse What a crock!!! Just the other day these so-called "reporters" and "analysts" said the price fell because the dollar was stronger... now they say the price is falling because the economy is weakening... Can we find some "reporters" and "analysts" who have a clue? Don't know where we can find them, but somewhere someone must have a clue and be willing to tell us the truth - yes, Mr Nickleson, we can handle the truth!
mike911 Champion Author Detroit Posts:3,899 Points:1,208,440 Joined:Jan 2007	Message Posted: Jul 2, 2009 8:44:44 PM Ignore mike911 Report Abuse When has it been strong lately?
mreMN Veteran Author Twin Cities Posts:394 Points:173,150 Joined:Oct 2008	Message Posted: Jul 2, 2009 8:43:59 PM Ignore mreMN Report Abuse Oil should stay low in these kind of times. But I know that won't be possible.
seville04 Champion Author Albuquerque Posts:3,167 Points:1,151,590 Joined:Sep 2004	Message Posted: Jul 2, 2009 8:43:08 PM Ignore seville04 Report Abuse DEG, I completely agree with you.
EZExit Champion Author Phoenix Posts:3,840 Points:727,485 Joined:Aug 2008	Message Posted: Jul 2, 2009 8:43:03 PM Ignore EZExit Report Abuse Oil has been stable now darting between the high 60's and low 70's for a couple of weeks now, old news! It's overvalued, let me know when it trends back down to fair market prices without the leveraged fluff added by speculation.
DEG Champion Author Las Vegas Posts:12,808 Points:2,544,180 Joined:Jul 2003	Message Posted: Jul 2, 2009 8:34:03 PM Ignore DEG Report Abuse Oil is more realistically priced in the $35 to $40/barrel range. At $67/barrel there is an abuse of the consumer at the hands of big oil, big government, and speculators.
jeromehasbargen Champion Author Minnesota Posts:1,908 Points:379,780 Joined:Jan 2009	Message Posted: Jul 2, 2009 8:33:57 PM Ignore jeromehasbargen Report Abuse I hope it drops below $2 a gallon again and stays there. Then I can afford to drive places a lot easier again.
SSchmidty Champion Author Illinois Posts:4,316 Points:816,340 Joined:Mar 2008	Message Posted: Jul 2, 2009 8:27:26 PM Ignore SSchmidty Report Abuse Pig-oil can not expect to see high prices in this lack of DEMAND!!!
FuelBarge Champion Author Long Island Posts:4,143 Points:1,095,990 Joined:Aug 2005	Message Posted: Jul 2, 2009 8:24:01 PM Ignore FuelBarge Report Abuse Hah! Just the other day it hit $73 for a brief period. Now it is dropping. Crazy...
PissedCanuck Champion Author Toronto Posts:3,818 Points:817,230 Joined:Nov 2006	Message Posted: Jul 2, 2009 8:17:10 PM Ignore PissedCanuck Report Abuse Problem with oil nowadays is that it is too connected with the economy. When the economy shows signs of recovering, oil prices will recover along with it.
playtimeCLE Champion Author Cleveland Posts:3,185 Points:591,660 Joined:Nov 2008	Message Posted: Jul 2, 2009 8:15:17 PM Ignore playtimeCLE Report Abuse Can you imagine being unemployed & having to pay these gas prices to go look for a job?
altima2008 Champion Author Philadelphia Posts:3,229 Points:765,660 Joined:Apr 2008	Message Posted: Jul 2, 2009 8:09:25 PM Ignore altima2008 Report Abuse Let it keep dropping, I just hope the prices at the pump fall just as fast!
Romey08 Champion Author Virginia Posts:1,924 Points:567,325 Joined:Apr 2008	Message Posted: Jul 2, 2009 8:08:55 PM Ignore Romey08 Report Abuse Oil prices will continue to fall as the economy continues to be stagnant
sickboy774 Champion Author Los Angeles Posts:2,658 Points:550,870 Joined:Sep 2007	Message Posted: Jul 2, 2009 8:07:58 PM Ignore sickboy774 Report Abuse good!
FLNative13 Rookie Author Florida Posts:43 Points:400,435 Joined:Jul 2008	Message Posted: Jul 2, 2009 8:07:38 PM Ignore FLNative13 Report Abuse Nightstar08: Even if gas falls below $2/gallon again, it's still not enough to singlehandedly turn a recession around. Obama's putting all the puzzle pieces into place, but we have to be patient for the results--it took 8 years for one administration to get us into this mess and it will probably take at least a couple years for the new forward-thinking administration to get us out.
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Jul 2, 2009 8:02:22 PM Ignore jay4 Report Abuse captainkettel makes the most sense: conserve and fight greed and speculation (68% of fuel price).
NatureBoyKY Champion Author Kentucky Posts:1,880 Points:617,615 Joined:Jan 2008	Message Posted: Jul 2, 2009 7:55:42 PM Ignore NatureBoyKY Report Abuse Hey DA Speculator! As long as you rich guys keep the price of oil anywhere close to this price, we poor MFers will walk or otherwise stay home. Get it yet, DA?
CoffeeTrader Champion Author Victoria Posts:2,412 Points:443,680 Joined:Sep 2008	Message Posted: Jul 2, 2009 7:55:38 PM Ignore CoffeeTrader Report Abuse Unemployment could only rise in a recession and Post 8 years of a Bush Regime.
TRAIN RIDER Champion Author San Bernardino Posts:4,251 Points:1,792,115 Joined:Oct 2004	Message Posted: Jul 2, 2009 7:45:59 PM Ignore TRAIN RIDER Report Abuse WHAT DO YOU EXPECT WITH OBAMA. ALL OF THE MONEY WE ARE WASTING IS NOT CREATING JOBS, IT IS CAUSING THEM TO BE LOST. UNEMPLOYMENT IS STILL RISING AS HE SPENDS ALL OF THE MONEY HE HAS. IT WILL GO HIGHER AS HE KEEPS SPENDING.
captainkettel Sophomore Author Washington Posts:169 Points:788,795 Joined:Jul 2005	Message Posted: Jul 2, 2009 7:34:53 PM Ignore captainkettel Report Abuse Drive less, save more...screw big oil! Summers here, temps are hot and gas just keeps going up. The price of crude is down and so should gas prices...
Nightstar08 Rookie Author Fresno Posts:59 Points:4,830 Joined:Jun 2008	Message Posted: Jul 2, 2009 7:32:31 PM Ignore Nightstar08 Report Abuse If gas stayed under two dollars for a 6-12 month period would the economy pick back up?
Dragoniar Veteran Author Grand Rapids Posts:419 Points:549,735 Joined:Aug 2005	Message Posted: Jul 2, 2009 7:28:39 PM Ignore Dragoniar Report Abuse That would be nice then the price will end up like gas.
gibber73 Sophomore Author Columbus Posts:165 Points:208,150 Joined:Oct 2008	Message Posted: Jul 2, 2009 7:26:45 PM Ignore gibber73 Report Abuse Until someone blows up another pipeline.
OKRifle Champion Author Oklahoma City Posts:4,855 Points:845,070 Joined:Oct 2007	Message Posted: Jul 2, 2009 7:24:54 PM Ignore OKRifle Report Abuse Get your gas before noon tomorrow! Its coming up on "gouging time"! Happy & safe 4th of July!
heysailor Champion Author Pittsburgh Posts:4,645 Points:1,354,095 Joined:Mar 2006	Message Posted: Jul 2, 2009 7:24:54 PM Ignore heysailor Report Abuse We need an energy policy with floor prices to include incentives to conserve and drive smaller cars.
letmathe Champion Author Chicago Posts:10,002 Points:2,282,715 Joined:May 2001	Message Posted: Jul 2, 2009 7:23:45 PM Ignore letmathe Report Abuse kidrockTX ... said it clearly!
snewwee Champion Author Detroit Posts:4,969 Points:1,010,105 Joined:Sep 2007	Message Posted: Jul 2, 2009 7:23:32 PM Ignore snewwee Report Abuse Prices haven't been reduced in this area for over two weeks. Crude oil falling doesn't seem to have much, if any, effect on gas prices at the pump, but rising prices have an immediate effect.
MINER Champion Author Pittsburgh Posts:8,431 Points:2,469,395 Joined:Jul 2002	Message Posted: Jul 2, 2009 7:14:33 PM Ignore MINER Report Abuse I knew some thing was happening, couple stations here dropped prics 4 cents today. Do I have this right now, if the bottom falls out of everything then I might be able to afford to buy gas. If things start looking better gas goes sky high again. What a future to look forward to....Happy Motoring....
1fulltank Champion Author Buffalo Posts:2,985 Points:576,875 Joined:Nov 2008	Message Posted: Jul 2, 2009 7:09:54 PM Ignore 1fulltank Report Abuse First, let's see it translate into savings AT THE PUMP!
kidrockTX Champion Author Fort Worth Posts:3,854 Points:507,845 Joined:Sep 2008	Message Posted: Jul 2, 2009 7:09:12 PM Ignore kidrockTX Report Abuse gas is the same price here it does not change here for a week or more after it goes down but let it go up! and in one hour you can see that
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Jul 2, 2009 7:07:50 PM Ignore RobRD Report Abuse Analysts feel it should be at the mid fifty dollar a barrel mark.
RAC110 Champion Author Massachusetts Posts:2,348 Points:1,162,660 Joined:Mar 2003	Message Posted: Jul 2, 2009 7:06:33 PM Ignore RAC110 Report Abuse this see-saw keeps everyone upset as they are unable to plan things
thomas41546 Champion Author Tennessee Posts:3,014 Points:1,376,625 Joined:Oct 2005	Message Posted: Jul 2, 2009 7:04:34 PM Ignore thomas41546 Report Abuse one day down then four days up. Eventually, the consumer pays more.
Jojavo All-Star Author London Posts:593 Points:121,465 Joined:Apr 2009	Message Posted: Jul 2, 2009 7:04:20 PM Ignore Jojavo Report Abuse The price of Gas is still up & unemployment is up... What else is new...
Vette1967 Champion Author Albany Posts:1,389 Points:327,170 Joined:Jun 2009	Message Posted: Jul 2, 2009 7:00:40 PM Ignore Vette1967 Report Abuse Down to $2.57 in upstate NY. Wait til the Governor hears this. He'll have someone tack on another tax per.gallon to bring it back up.
MissRita Champion Author Austin Posts:1,040 Points:423,790 Joined:Feb 2008	Message Posted: Jul 2, 2009 6:57:28 PM Ignore MissRita Report Abuse bring in a tanker of oil from the sea and it wont cost so high
bestpuppy Champion Author Lancaster Posts:1,940 Points:493,050 Joined:Sep 2006	Message Posted: Jul 2, 2009 6:55:53 PM Ignore bestpuppy Report Abuse it's sad to see the direction the country is heading in.
captngasTN Champion Author Tennessee Posts:1,735 Points:425,240 Joined:Jun 2009	Message Posted: Jul 2, 2009 6:53:50 PM Ignore captngasTN Report Abuse All markets indicies were down about 3%. With oil prices down I don't expect it will continue to follow fundamentals. Let's see what tomorrow brings.
BH24 Champion Author Arkansas Posts:4,930 Points:1,116,675 Joined:May 2005	Message Posted: Jul 2, 2009 6:53:39 PM Ignore BH24 Report Abuse We're facing some slow walking and sad singing, and all that Washington has come up with is added debt for this country.
Skyeja All-Star Author New Hampshire Posts:559 Points:458,525 Joined:Sep 2008	Message Posted: Jul 2, 2009 6:51:52 PM Ignore Skyeja Report Abuse One station around here down to $2.45 from highs of $2.60, others at $2.47 - $2.49. They still need it lower to help more people.
donny47 All-Star Author New Hampshire Posts:822 Points:346,145 Joined:Feb 2009	Message Posted: Jul 2, 2009 6:50:17 PM Ignore donny47 Report Abuse the economy is going to get a lot worse.
Beboper Champion Author Virginia Posts:3,752 Points:1,182,410 Joined:Oct 2005	Message Posted: Jul 2, 2009 6:44:20 PM Ignore Beboper Report Abuse gas has been going down around here
ach All-Star Author Illinois Posts:654 Points:331,125 Joined:Jun 2008	Message Posted: Jul 2, 2009 6:39:29 PM Ignore ach Report Abuse Gas up 14 cents in Jacksonville, IL today.
john382 Champion Author Illinois Posts:7,536 Points:1,511,800 Joined:Aug 2005	Message Posted: Jul 2, 2009 6:38:47 PM Ignore john382 Report Abuse I dont see gas going down anytime soon. still $2.65 to $2.89 here.
Blackice Champion Author Twin Cities Posts:3,191 Points:805,490 Joined:Oct 2003	Message Posted: Jul 2, 2009 6:37:00 PM Ignore Blackice Report Abuse Gas prices here have dropped 10 cents (now $2.39) in the past 5 days...what's up with that.
Iversonfan All-Star Author Richmond Posts:889 Points:61,340 Joined:Jan 2006	Message Posted: Jul 2, 2009 6:30:07 PM Ignore Iversonfan Report Abuse they can drop the price of oil down to 50 bucks a gallon i wonder would gas prices at the pump drop as fast ?
Chiron All-Star Author Tucson Posts:839 Points:325,530 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:29:28 PM Ignore Chiron Report Abuse Keep falling cuz I need to drive to find work.
Doubleeez Champion Author Connecticut Posts:2,732 Points:544,215 Joined:Sep 2005	Message Posted: Jul 2, 2009 6:23:21 PM Ignore Doubleeez Report Abuse Just another bump on the see-saw ride.
WVPhoenix Champion Author Charleston Posts:6,624 Points:1,015,960 Joined:Jan 2006	Message Posted: Jul 2, 2009 6:23:18 PM Ignore WVPhoenix Report Abuse Oh yeah. Fall, baby, fall.
Helms Champion Author Fort Worth Posts:4,234 Points:1,223,750 Joined:Jun 2005	Message Posted: Jul 2, 2009 6:21:09 PM Ignore Helms Report Abuse ETF's for both oil and gas are down but the price at the pump hasn;t dropped any
siradrich Rookie Author Utah Posts:28 Points:327,485 Joined:Oct 2006	Message Posted: Jul 2, 2009 6:19:44 PM Ignore siradrich Report Abuse Too bad gas prices won't be affected by this. If they are affected, it won't be for another month.