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Oil falls from record high above $74
ABC/al-Reuters ^ | 4/20/2006

Posted on 04/20/2006 4:24:26 PM PDT by B Knotts

LONDON (Reuters) - Oil prices fell on Thursday after setting a fresh all-time high above $74 a barrel as some investors took profits across booming commodity markets.

Prices also slipped as Royal Dutch Shell said it expected to restart a key Gulf of Mexico oil and gas field by the end of May, ahead of plan. The 140,000 barrel-per-day Mars platform was damaged by Hurricane Katrina last year.

London's Brent crude was down $1.24 at $72.50 a barrel by 1610 GMT, having earlier in the day hit an all-time high of $74.22. U.S. May crude was down $1.27 at $70.90, having hit an all-time high of $72.49 earlier.

"It's not surprising, given the levels that we've got to, that there is some profit-taking going on," said Kevin Norrish, an analyst at Barclays Capital in London.

Prices had hit new peaks after the U.S. government on Wednesday reported a larger-than-expected drop in gasoline inventories, adding to concern created by supply losses in Nigeria and the row over Iran's nuclear program.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: energy; falls; oil
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A little good news for a change.
1 posted on 04/20/2006 4:24:28 PM PDT by B Knotts
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To: B Knotts

It's good news to few but most people don't care about the price of oil when the gas prices have gone up to nearly $3.00 a gallon and it's not good news to commodities investors that want high oil cost.


2 posted on 04/20/2006 4:36:15 PM PDT by tobyhill (The War on Terrorism is not for the weak.)
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To: B Knotts

FYI...

3 posted on 04/20/2006 4:37:08 PM PDT by xcamel (Press to Test, Release to Detonate)
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Prices also slipped as Royal Dutch Shell said it expected to restart a key Gulf of Mexico oil and gas field by the end of May, ahead of plan. The 140,000 barrel-per-day Mars platform was damaged by Hurricane Katrina last year.
Cool.
4 posted on 04/20/2006 4:39:13 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: B Knotts

This Week in Petroleum: $3 per Gallon?
(Department of Energy weekly press release on April 19)
Department of Energy | April 19, 2006
Posted on 04/20/2006 7:15:39 PM EDT by snowsislander
http://www.freerepublic.com/focus/news/1618597/posts


5 posted on 04/20/2006 4:39:54 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: B Knotts

Sorry, I meant that to be a blank "To" field. :'(


6 posted on 04/20/2006 4:40:19 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: xcamel
Don't you just wish those loosers would quit whining about gasoline prices. It was worse when Carter was President.
7 posted on 04/20/2006 4:41:04 PM PDT by Doe Eyes
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To: B Knotts

I have a dream of speculators and commocity traders who ran up the price of oil losing their asses. I know it wont happen but I can dream , cant I?.


8 posted on 04/20/2006 4:49:42 PM PDT by sgtbono2002
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To: B Knotts

$80 a barrel by summer and $3.50 gallon of gas is going to begin a marked slowdown of our economy in late 2006, early 2007, great news for the Dems on the 2008 POTUS race, horrible news for the American public and business owners alike.


9 posted on 04/20/2006 5:02:55 PM PDT by iThinkBig
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To: Doe Eyes
Don't you just wish those loosers would quit whining about gasoline prices.

Yes, I do. Seems we have alot of neo-socialists in the house these days.
10 posted on 04/20/2006 5:07:53 PM PDT by A Balrog of Morgoth (With fire, sword, and stinging whip I drive the RINOs in terror before me.)
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To: B Knotts

For all read every entry. In light of all the oil debates, here is one.

Should Florida support the drilling for oil in the Gulf of Mexico?

Please vote at:

http://snappoll.com/poll/90298.php

thanks. The data will be used for a term paper for school.


11 posted on 04/20/2006 5:33:07 PM PDT by XtreMarine
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To: XtreMarine

And you thought gas prices hurt....

http://www.thebucketheadshow.com/timages/page/media/gas_hurts.wmv


12 posted on 04/20/2006 5:49:01 PM PDT by RasterMaster ("Bin Laden shows others the road to Paradise, but never offers to go along for the ride." GWB)
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To: iThinkBig

$80/barrel?

I expect to see $90-100/barrel by the end of summer...


13 posted on 04/20/2006 5:58:11 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: gogogodzilla

the difference is in the 70's there was a savings rate. so many people today live on the edge of financial disaster plus these high prices are sustained not a spike like happened in the 70's i'm in sales and i see peoples discretionary spending going out the window. this whole mess is going to hit the economy soon


14 posted on 04/20/2006 6:14:12 PM PDT by jneesy (certified southern right wing hillbilly nutjob)
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To: B Knotts
The local stations dutifully increased from $2.89 to $2.95 last night in response to the $74.00 bl spike. I'm not holding my breath for a proportional dutiful decrease tonight.
15 posted on 04/20/2006 6:26:16 PM PDT by lightman (The Office of the Keys should be exercised as some ministry needs to be exorcised.)
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To: gogogodzilla

Alas, I don't think they can sustain the US$80 per barrel rate for long. The reason is simple: those high prices will actually cut demand, and before you know it there will be a major surplus of oil soon, which will force the price under US$60 before you knew what happened. Even the Chinese and Indian economy will not fare well at those high prices.


16 posted on 04/20/2006 6:41:18 PM PDT by RayChuang88
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To: B Knotts

17 posted on 04/20/2006 7:14:28 PM PDT by Lunatic Fringe (http://ntxsolutions.com)
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To: RayChuang88

Dunno, the price of oil ramped up from $62~ per barrel to $74/barrel pretty easily.

And it doesn't look like the price will fall back to the $62~ per barrel range anytime soon. So the next time the Mad Mullah or the Venezualan Virus speaks, I'd expect the market to follow it's consistant pattern, which is to raise the price of oil.

So the $74/barrel goes up again and holds at that price. Repeat ad nauseam.


18 posted on 04/20/2006 7:15:52 PM PDT by gogogodzilla (Raaargh! Raaargh! Crush, Stomp!)
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To: xcamel

Honestly, I could care less if oil prices are mathcing their inflation adjusted rate. All I know is I pay 3 times the price I paid 5 years ago for gas and it's killing me financially.


19 posted on 04/20/2006 7:16:57 PM PDT by pctech
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To: B Knotts

Gold dropped back a little, too. Silver and copper also. Those stocks took a good hit.


20 posted on 04/20/2006 7:17:11 PM PDT by RightWhale (Off touch and out of base)
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