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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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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.
hotrod0526 Veteran Author Detroit Posts:478 Points:201,165 Joined:Aug 2005	Message Posted: Jul 2, 2009 6:19:12 PM Ignore hotrod0526 Report Abuse hunnnnnnnnnnnn pes wnt UP 15 to 20 cents ????????????/ must be a HOLIDAY around
beckahrah All-Star Author Dallas Posts:576 Points:249,970 Joined:Apr 2008	Message Posted: Jul 2, 2009 6:18:09 PM Ignore beckahrah Report Abuse can't fall too fast for my wallet
Blackice Champion Author Twin Cities Posts:3,191 Points:805,490 Joined:Oct 2003	Message Posted: Jul 2, 2009 6:07:55 PM Ignore Blackice Report Abuse Weak U.S. economy is because of the high price of oil and gas. Thanks speculators for keeping us down...Idiots :(
jakTDI Champion Author Dallas Posts:3,555 Points:362,055 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:06:08 PM Ignore jakTDI Report Abuse how is 69.31 less than 67.19? that might be what's wrong with the economy: not enough math skills. I still blame canada.
pliskin Champion Author Syracuse Posts:3,195 Points:975,400 Joined:Apr 2005	Message Posted: Jul 2, 2009 6:05:47 PM Ignore pliskin Report Abuse There's trouble no matter which way it goes!
4thWatch Champion Author Pennsylvania Posts:1,360 Points:423,420 Joined:May 2008	Message Posted: Jul 2, 2009 6:03:53 PM Ignore 4thWatch Report Abuse The drop in crude oil price is good news. However, not at the expense of nearly a half million American jobs!
Hugo40 Champion Author Kentucky Posts:2,728 Points:647,985 Joined:Aug 2008	Message Posted: Jul 2, 2009 6:03:39 PM Ignore Hugo40 Report Abuse And the administration says the economy is getting better? That's not what the job market says.
pulpwood Champion Author Mississippi Posts:4,035 Points:1,189,440 Joined:Sep 2006	Message Posted: Jul 2, 2009 5:57:40 PM Ignore pulpwood Report Abuse What a good time, they should make big profits with pump prices going UP for the fourth!
jakTDI Champion Author Dallas Posts:3,555 Points:362,055 Joined:Aug 2008	Message Posted: Jul 2, 2009 5:55:17 PM Ignore jakTDI Report Abuse there it goes, falling again.
willsaveNY Champion Author Albany Posts:1,177 Points:404,210 Joined:Oct 2008	Message Posted: Jul 2, 2009 5:54:58 PM Ignore willsaveNY Report Abuse Remember the saying about gas prices. Up like a rocket and down like a feather. We is seeing it.
Muke Champion Author Virginia Beach Posts:2,778 Points:704,235 Joined:Jun 2007	Message Posted: Jul 2, 2009 5:53:57 PM Ignore Muke Report Abuse I hope now gasoline prices drop more.
BWD Champion Author Charleston Posts:2,402 Points:1,615,835 Joined:May 2004	Message Posted: Jul 2, 2009 5:47:52 PM Ignore BWD Report Abuse Falling to $50 would sound a lot better.
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 2, 2009 5:47:26 PM Ignore korklenut Report Abuse Price should be in the $40 range.
TheSnowstorm Champion Author Montreal Posts:4,448 Points:1,002,605 Joined:June 2005	Message Posted: Jul 2, 2009 5:39:59 PM Ignore TheSnowstorm Report Abuse It ain't over yet.... The recovery out of this global recession/ depession is going to take a while.
flyfast Champion Author Kansas City Posts:4,501 Points:874,525 Joined:Jan 2008	Message Posted: Jul 2, 2009 5:38:12 PM Ignore flyfast Report Abuse more repeat news
4warned Champion Author Michigan Posts:4,223 Points:1,253,935 Joined:Nov 2006	Message Posted: Jul 2, 2009 5:35:12 PM Ignore 4warned Report Abuse Oil falls and pump prices go up, again.
OleMiss79 Champion Author Fort Worth Posts:6,648 Points:723,315 Joined:May 2008	Message Posted: Jul 2, 2009 5:34:03 PM Ignore OleMiss79 Report Abuse OK
billy44bo Champion Author Mobile Posts:3,272 Points:618,105 Joined:Feb 2008	Message Posted: Jul 2, 2009 5:29:57 PM Ignore billy44bo Report Abuse they need to be down another $20 a barrel to get it back were it needs to be. ge the greed out of this market
bad_sailor Champion Author London Posts:2,969 Points:722,105 Joined:Dec 2007	Message Posted: Jul 2, 2009 5:27:28 PM Ignore bad_sailor Report Abuse So why won't the crooked oil company execs lower the price at the pumps?
FredericoAZ All-Star Author Phoenix Posts:827 Points:366,380 Joined:Mar 2009	Message Posted: Jul 2, 2009 5:22:08 PM Ignore FredericoAZ Report Abuse Up then down but pump prices are still high.
the_peddler Champion Author Detroit Posts:1,303 Points:349,150 Joined:Sep 2008	Message Posted: Jul 2, 2009 5:14:43 PM Ignore the_peddler Report Abuse 2.59 tuesday, 2.69 wednesday, 2.63 today. still up from two days ago.
Rageagainsttm Champion Author Tampa Posts:3,656 Points:960,585 Joined:Jul 2007	Message Posted: Jul 2, 2009 5:13:23 PM Ignore Rageagainsttm Report Abuse I don't understand why it's been going up. The econemy has only been getting worse.
la90042 Champion Author Los Angeles Posts:2,402 Points:505,405 Joined:Nov 2008	Message Posted: Jul 2, 2009 5:12:49 PM Ignore la90042 Report Abuse KEEP CONSERVING - WAIT FOR DECREASES AT THE PUMP PRICES
mwo Sophomore Author Twin Cities Posts:230 Points:780,210 Joined:Aug 2004	Message Posted: Jul 2, 2009 5:10:51 PM Ignore mwo Report Abuse Keep conserving. If this is the peak driving season, gas prices should fall later in the year.
PDQBlues Champion Author San Diego Posts:2,274 Points:501,350 Joined:Jan 2009	Message Posted: Jul 2, 2009 5:09:05 PM Ignore PDQBlues Report Abuse It figures... it takes bad news (massive rise in unemployment) to get some minor relief at the gas pumps.
DeHavilland Champion Author Toronto Posts:3,214 Points:1,003,445 Joined:Jun 2007	Message Posted: Jul 2, 2009 5:07:37 PM Ignore DeHavilland Report Abuse It'd be nice if it stayed that way.
MUSTANGSRUS Champion Author Ontario Posts:4,722 Points:997,145 Joined:Sep 2006	Message Posted: Jul 2, 2009 5:06:51 PM Ignore MUSTANGSRUS Report Abuse At least it is going in the right direction. DOWN.
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 2, 2009 4:59:26 PM Ignore DellMan Report Abuse The oil companies finally ran out of room to store supplies off shore and had to make them available, thus driving prices back down. They need to fall even further. The lower if goes, the better off we are and the worse off Chavez and the other terrorists supporting countries and groups are.
Kato51 Champion Author Atlanta Posts:2,829 Points:1,273,945 Joined:Jul 2005	Message Posted: Jul 2, 2009 4:57:58 PM Ignore Kato51 Report Abuse This great to hear and I want you to keep it going. Take the price of gas with you.
dranske Champion Author Miami Posts:1,189 Points:567,100 Joined:Jun 2008	Message Posted: Jul 2, 2009 4:57:41 PM Ignore dranske Report Abuse I would have thought, the oil prices shouldn't have been up there in the first place...
Mooseman1 Champion Author Manitoba Posts:5,535 Points:930,645 Joined:Jul 2007	Message Posted: Jul 2, 2009 4:54:58 PM Ignore Mooseman1 Report Abuse I sincerely hope this is the start of new consistent lower pricing.
jjw0608 Champion Author Milwaukee Posts:3,372 Points:1,000,320 Joined:Nov 2005	Message Posted: Jul 2, 2009 4:52:57 PM Ignore jjw0608 Report Abuse Keep on falling baby.
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 2, 2009 4:50:52 PM Ignore akeatts Report Abuse Conservation is working- unfortunately rhe reason is mainly because no one can afford to go anywhere!
JPGKC Champion Author Tampa Posts:4,419 Points:821,825 Joined:Sep 2006	Message Posted: Jul 2, 2009 4:43:55 PM Ignore JPGKC Report Abuse So did I miss something or is this something new to them???
virginia52 Champion Author Alaska Posts:4,003 Points:791,610 Joined:May 2007	Message Posted: Jul 2, 2009 4:42:53 PM Ignore virginia52 Report Abuse Yet our gas prices are going up almost every week. We are now paying $3.13 a gallon. Hopefully, it will go down after the 4th of July.
RovingOkie67 Champion Author Arizona Posts:1,581 Points:415,730 Joined:Jul 2007	Message Posted: Jul 2, 2009 4:38:42 PM Ignore RovingOkie67 Report Abuse Remember tomorrow or on the 4th fuel will cost us in excess of $3 a gallon for a vast majority of the nation. And we are suppose to bend over and take it with a smile and say, "that did not hurt." It will more legions of tax payers than we i can imagine.
camel1 Champion Author Minnesota Posts:3,785 Points:1,327,500 Joined:Jul 2006	Message Posted: Jul 2, 2009 4:34:43 PM Ignore camel1 Report Abuse Oil should be in the low to mid $50 range.
arvo87 Champion Author New Mexico Posts:2,940 Points:584,615 Joined:Jul 2008	Message Posted: Jul 2, 2009 4:33:32 PM Ignore arvo87 Report Abuse I've seen prices coming down here and with this news, they should come down further
unicornpmb Champion Author Buffalo Posts:3,522 Points:649,375 Joined:Sep 2005	Message Posted: Jul 2, 2009 4:27:46 PM Ignore unicornpmb Report Abuse Keep falling.
REKEY Champion Author South Carolina Posts:3,627 Points:726,450 Joined:May 2008	Message Posted: Jul 2, 2009 4:26:16 PM Ignore REKEY Report Abuse Finally!
kbierley Champion Author Dayton Posts:8,635 Points:1,072,910 Joined:Nov 2003	Message Posted: Jul 2, 2009 4:23:14 PM Ignore kbierley Report Abuse Drill for More American Oil, NOW!
CiVX Champion Author Oakland Posts:3,110 Points:529,560 Joined:Feb 2009	Message Posted: Jul 2, 2009 4:22:52 PM Ignore CiVX Report Abuse I want to see the fall of oil, not oil fall!
Bigwaynef Champion Author South Carolina Posts:3,934 Points:1,118,970 Joined:Dec 2006	Message Posted: Jul 2, 2009 4:19:01 PM Ignore Bigwaynef Report Abuse Whenever I read about oil prices dropping, gas is usually starting to rise.
Panama Red Champion Author San Diego Posts:6,176 Points:1,551,090 Joined:Jun 2004	Message Posted: Jul 2, 2009 4:15:37 PM Ignore Panama Red Report Abuse OPEC, Big Oil and everyone else should realize that the high price of oil is a big factor in making the U.S. economy weak!
puckheadmn Veteran Author Twin Cities Posts:312 Points:514,870 Joined:Jul 2008	Message Posted: Jul 2, 2009 4:15:24 PM Ignore puckheadmn Report Abuse And probably back to $70 on Friday.
Weirdomania1 Champion Author Orange County Posts:2,789 Points:515,390 Joined:Jan 2008	Message Posted: Jul 2, 2009 4:15:05 PM Ignore Weirdomania1 Report Abuse yeah... I want to see some 'Pump Fall'
balljars Champion Author Michigan Posts:3,638 Points:722,250 Joined:Aug 2008	Message Posted: Jul 2, 2009 4:08:11 PM Ignore balljars Report Abuse Will these prices drops ever get to us.
gg42210 Champion Author Kentucky Posts:1,899 Points:332,970 Joined:Aug 2008	Message Posted: Jul 2, 2009 4:04:23 PM Ignore gg42210 Report Abuse keep falling.
ThatHunt Champion Author Dallas Posts:2,590 Points:1,222,705 Joined:Jul 2006	Message Posted: Jul 2, 2009 4:02:50 PM Ignore ThatHunt Report Abuse look to the fall. summer ends and prices come down. it's another consumer rape.