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Oil Falls in New York on Concern OPEC Output May Exceed Dem

Businessweek.com -- Crude oil declined for a second day on speculation fuel inventories may remain high as supply from the Organization of Petroleum Exporting Countries outpaces the recovery in global demand.

Oil fell after Iran’s OPEC governor Mohammad Ali Khatibi said the market may be oversupplied later this year if the group, meeting March 17, fails to comply with output limits. A report today may show industrial production in the U.S., the world’s biggest energy consumer, was little changed in February because of harsh weather, according to a Bloomberg survey of analysts.

“Global demand may be increased gradually this year but there’s plenty of available supply,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo.

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Submitted Mar 15, 2010 By: UncleCurt

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honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Mar 15, 2010 8:47:09 PM Ignore honda0105 Report Abuse oh, wait, specutraitors and Pig Oil won't allow for that.
honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Mar 15, 2010 8:31:20 PM Ignore honda0105 Report Abuse well, would be nice if pump prices were to fall nicely to go with that.
civicdutie Champion Author Rochester Posts:3,010 Points:611,275 Joined:Nov 2008	Message Posted: Mar 15, 2010 9:14:53 AM Ignore civicdutie Report Abuse Too bad prices don't fall for more than one or two days in a given week.
LocalSpyGuy Champion Author Tampa Posts:5,499 Points:1,124,220 Joined:Nov 2008	Message Posted: Mar 15, 2010 7:35:28 AM Ignore LocalSpyGuy Report Abuse Too bad that gas prices don't decline when oil prices do. It seems like they go up when oil does.
Texrider49 Champion Author New Haven Posts:1,340 Points:313,725 Joined:Dec 2007	Message Posted: Mar 15, 2010 7:26:38 AM Ignore Texrider49 Report Abuse the price of crude oil slips and the price of our fuel keeps viseing
Buck_on_Bass Champion Author Tennessee Posts:5,201 Points:1,043,540 Joined:Jul 2007	Message Posted: Mar 15, 2010 7:22:50 AM Ignore Buck_on_Bass Report Abuse Even Bloomburg, which a number of posters do not like, reported "Oil slipped 0.3 percent last week even as hedge-fund managers and other large speculators increased their bets on rising prices for a fourth week." The futures market have changes from a risk management tool to a gambling house.
RdHogg Champion Author Houston Posts:20,556 Points:2,441,145 Joined:Jun 2004	Message Posted: Mar 15, 2010 7:20:36 AM Ignore RdHogg Report Abuse Good Morning !!!
ky_commuter75 Champion Author Cincinnati Posts:5,226 Points:1,489,565 Joined:Jul 2005	Message Posted: Mar 15, 2010 7:13:49 AM Ignore ky_commuter75 Report Abuse Iran knows oil will cripple us, we need to get away from OPEC and drill for our own resources until we come up with a great alternative.
GasholeMI Champion Author Lansing Posts:7,793 Points:1,255,590 Joined:Jul 2008	Message Posted: Mar 15, 2010 7:10:19 AM Ignore GasholeMI Report Abuse I think Cruiser340 has it correct.
Bpers2001 All-Star Author Seattle Posts:735 Points:104,070 Joined:Nov 2009	Message Posted: Mar 15, 2010 7:09:27 AM Ignore Bpers2001 Report Abuse Until we research and develop alternative fuel sources, Big Oil knows, ultimately, they have us by the you-know-what.
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Mar 15, 2010 7:09:23 AM Ignore janctx Report Abuse doesnt help us
FocusGuy Champion Author Seattle Posts:4,919 Points:970,800 Joined:Apr 2009	Message Posted: Mar 15, 2010 7:05:51 AM Ignore FocusGuy Report Abuse how come the speculators are not able to keep it up?
plbell627 Champion Author Dayton Posts:3,019 Points:754,125 Joined:Mar 2007	Message Posted: Mar 15, 2010 7:05:50 AM Ignore plbell627 Report Abuse When controls are put in place to curb the Speculator's greed. Then and only then will you see the price of crude oil go down and stay there.
phinsup67 Champion Author North Carolina Posts:4,936 Points:938,950 Joined:Oct 2005	Message Posted: Mar 15, 2010 7:04:28 AM Ignore phinsup67 Report Abuse Now let's see if we see a drop at the pump. Not that it would last...
BoerneWatch Champion Author San Antonio Posts:12,947 Points:1,991,005 Joined:Oct 2005	Message Posted: Mar 15, 2010 7:01:50 AM Ignore BoerneWatch Report Abuse What? OPEC members may exceed their quotas? Noooooo, not like they have been doing for over 35 years? Why, they said they changed their ways and would do what it takes to keep oil expensive. Some things just never change.
Spetsnaz Champion Author Dayton Posts:1,726 Points:595,570 Joined:May 2006	Message Posted: Mar 15, 2010 7:01:00 AM Ignore Spetsnaz Report Abuse Drop the price, keep it low, and I can assure you we will increase the demand!
LCSTEELERBOB Champion Author Gary Posts:1,927 Points:481,035 Joined:Oct 2008	Message Posted: Mar 15, 2010 6:59:30 AM Ignore LCSTEELERBOB Report Abuse let it fal, let it fall, oil that is
curlypooh Champion Author New Jersey Posts:8,358 Points:1,546,690 Joined:Apr 2007	Message Posted: Mar 15, 2010 6:58:56 AM Ignore curlypooh Report Abuse If the dollar is weak, oil will be more expensive. Thanks OBOMBUS!
DJRIO Champion Author Miami Posts:5,528 Points:964,240 Joined:Jan 2008	Message Posted: Mar 15, 2010 6:57:17 AM Ignore DJRIO Report Abuse this week important week for the dollar. dollar effects oil prices.
Beau2140 Champion Author New York Posts:5,956 Points:1,194,160 Joined:Oct 2008	Message Posted: Mar 15, 2010 6:56:58 AM Ignore Beau2140 Report Abuse I don't see any relief coming soon.
Cruiser340 Champion Author Grand Rapids Posts:10,323 Points:2,331,190 Joined:May 2004	Message Posted: Mar 15, 2010 6:55:51 AM Ignore Cruiser340 Report Abuse as long as prices are high demand is going to stay down and supplies up.
Daddybud Champion Author North Carolina Posts:4,173 Points:919,135 Joined:May 2009	Message Posted: Mar 15, 2010 6:52:37 AM Ignore Daddybud Report Abuse Prices here was up tp $2.82 and is low as $2.67. It is steady right now at this.
mk9999 Champion Author Rochester Posts:5,573 Points:1,210,845 Joined:Aug 2008	Message Posted: Mar 15, 2010 6:49:53 AM Ignore mk9999 Report Abuse It is all price gouging.
Zuman Champion Author New York Posts:3,908 Points:1,446,630 Joined:May 2005	Message Posted: Mar 15, 2010 6:49:20 AM Ignore Zuman Report Abuse Gas is still up there.
matman01 Champion Author Detroit Posts:12,257 Points:1,516,380 Joined:May 2007	Message Posted: Mar 15, 2010 6:48:49 AM Ignore matman01 Report Abuse Gasoline is so overpriced given the price of crude as well as the lack of demand for the product!
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,018,660 Joined:Sep 2006	Message Posted: Mar 15, 2010 6:47:41 AM Ignore TeachR06 Report Abuse It falls but the price at the pump goes up anyway!
no_monkey2002 Champion Author Tallahassee Posts:6,238 Points:1,625,750 Joined:Mar 2006	Message Posted: Mar 15, 2010 6:46:49 AM Ignore no_monkey2002 Report Abuse i find it is a dumb thing (speculators)
TomT2Lee Champion Author Cincinnati Posts:3,827 Points:1,171,120 Joined:Sep 2005	Message Posted: Mar 15, 2010 6:46:43 AM Ignore TomT2Lee Report Abuse Selling the lie. Tell it often enough and they will think it the truth.
rvn4me Champion Author Texas Posts:3,284 Points:1,034,715 Joined:Jan 2009	Message Posted: Mar 15, 2010 6:46:40 AM Ignore rvn4me Report Abuse Have any of the OPEC countries really ever stayed within their limits?
gasandgoAL Champion Author Alabama Posts:4,679 Points:1,126,770 Joined:Sep 2008	Message Posted: Mar 15, 2010 6:45:36 AM Ignore gasandgoAL Report Abuse consumer will not get any benefits
ifallsguy Champion Author Minnesota Posts:4,445 Points:1,217,680 Joined:Apr 2007	Message Posted: Mar 15, 2010 6:41:15 AM Ignore ifallsguy Report Abuse I don't think anything is going to change
clement007 Champion Author Cleveland Posts:4,821 Points:1,389,150 Joined:Apr 2005	Message Posted: Mar 15, 2010 6:41:05 AM Ignore clement007 Report Abuse Same old news....
arinkrat17 Champion Author Twin Cities Posts:4,024 Points:871,970 Joined:Aug 2009	Message Posted: Mar 15, 2010 6:41:03 AM Ignore arinkrat17 Report Abuse better just keep dropping
tomok Champion Author Portland Posts:24,694 Points:1,882,510 Joined:Aug 2006	Message Posted: Mar 15, 2010 6:39:39 AM Ignore tomok Report Abuse One day up, one day down OPEC, big oil, refiners and those speculators will continue to ‘stick it’ to the consumer somehow, someway. Then big oil and the refiners create false shortages by producing less fuel and raising fuel prices at the pump.
Skipper52 Champion Author Massachusetts Posts:5,079 Points:1,135,225 Joined:Oct 2008	Message Posted: Mar 15, 2010 6:38:25 AM Ignore Skipper52 Report Abuse I like to see OPEC increasing supply when the demand is low. That should at least stabilize prices.
Rick01 Champion Author Utah Posts:6,659 Points:1,913,190 Joined:Sep 2005	Message Posted: Mar 15, 2010 6:36:26 AM Ignore Rick01 Report Abuse OPEC = GREED
jimraehl Champion Author Utah Posts:4,775 Points:1,179,435 Joined:Sep 2008	Message Posted: Mar 15, 2010 6:33:36 AM Ignore jimraehl Report Abuse When the stock market tanks again, oil prices will drop.
MertieMan Champion Author Lexington Posts:12,429 Points:2,432,610 Joined:May 2005	Message Posted: Mar 15, 2010 6:33:24 AM Ignore MertieMan Report Abuse What these OPEC thieves have to understand is that they aren't the only ones producing oil these days.
Lukus Champion Author Halifax Posts:6,047 Points:1,220,510 Joined:Nov 2007	Message Posted: Mar 15, 2010 6:33:05 AM Ignore Lukus Report Abuse Don't say so loud. The spectulators will hear and drive the prices back up.
murushi Champion Author Ontario Posts:5,806 Points:1,081,275 Joined:Jul 2008	Message Posted: Mar 15, 2010 6:32:27 AM Ignore murushi Report Abuse don't be too optimistic
REKEY Champion Author South Carolina Posts:6,231 Points:1,238,455 Joined:May 2008	Message Posted: Mar 15, 2010 6:29:04 AM Ignore REKEY Report Abuse Finally!
JimL1 Champion Author Phoenix Posts:5,764 Points:810,700 Joined:Jul 2003	Message Posted: Mar 15, 2010 6:28:05 AM Ignore JimL1 Report Abuse Another article to entice more inexperienced speculator/manipulators into the market. Suckers they will be, as the experienced speculator/manipulators use them to make money, just like experienced poker players clean out the pockets of the inexperienced players.
Cheymike Champion Author Wyoming Posts:1,456 Points:214,320 Joined:Sep 2009	Message Posted: Mar 15, 2010 6:26:52 AM Ignore Cheymike Report Abuse Look at the oil price chart... it didn't fall the last 2 days.. it rose.
fcdriver Champion Author Tennessee Posts:5,223 Points:1,070,775 Joined:Sep 2008	Message Posted: Mar 15, 2010 6:26:03 AM Ignore fcdriver Report Abuse if its down today it will be up the next 2 days
FuelOilOH Champion Author Cleveland Posts:2,338 Points:948,655 Joined:Oct 2007	Message Posted: Mar 15, 2010 6:23:05 AM Ignore FuelOilOH Report Abuse First it's supply & demand then it's the cost of a dollar. We can't win.
TheSnowstorm Champion Author Montreal Posts:6,832 Points:1,478,025 Joined:June 2005	Message Posted: Mar 15, 2010 6:22:36 AM Ignore TheSnowstorm Report Abuse OPEC sees price falling because of oversupply in the market and yet the previous article states that the price of crude is on the rise.
danny999 Champion Author Florida Posts:6,370 Points:1,176,060 Joined:Oct 2008	Message Posted: Mar 15, 2010 6:22:01 AM Ignore danny999 Report Abuse attack and counter-attack.right hand doesn't knpw what left hand has just writtem/lol
turbosaab Champion Author Cleveland Posts:14,959 Points:1,949,765 Joined:Sep 2006	Message Posted: Mar 15, 2010 6:21:07 AM Ignore turbosaab Report Abuse Once again, oil price is independent of supply/demand. With excess supply and diminished demand prices should be tumbling.
wild3bill Champion Author New York Posts:1,894 Points:1,422,690 Joined:Nov 2005	Message Posted: Mar 15, 2010 6:21:02 AM Ignore wild3bill Report Abuse With luck this report will cause the speculators in the other report to panic and sell short. If they loose money on oil speculation It would be GOOD [Edited by: wild3bill at 3/15/2010 7:25:37 AM EST]
billy44bo Champion Author Mobile Posts:5,198 Points:1,047,410 Joined:Feb 2008	Message Posted: Mar 15, 2010 6:18:52 AM Ignore billy44bo Report Abuse did I not just see an article that said that the speculation was to keep oil prices high?