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Oil eases from record high above $140_(speculation regulations)
reuteurs ^ | 6/26/08 | reuteurs

Posted on 06/26/2008 8:36:52 PM PDT by Flavius

PERTH (Reuters) - Oil eased on Friday on profit taking after a near 4 percent surge the previous session to a record above $140, as U.S. lawmakers approved legislation aimed at curbing energy market speculation.

U.S. light crude for August delivery was down 32 cents at $139.32 a barrel in Globex electronic trading by 9:39 p.m. EDT, after falling as much as $1.03 at the start of electronic trading.

London Brent crude fell 33 cents to $139.50.

"I think oil is down on a little bit of profit taking and also news from the U.S. regarding increased regulation of markets," said Toby Hassall, an analyst from Commodities Warrants Australia.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: energy; energyprices; oil; sec

1 posted on 06/26/2008 8:36:53 PM PDT by Flavius
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To: Flavius

hmm what to do, tax subsidy for oil drilling

or tax subsidy for alternative fuel

seems im going to be taxed to death again


2 posted on 06/26/2008 8:38:39 PM PDT by Flavius (war gives peace its security)
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To: Flavius

Coincidence is not causation.

The Democrats speculated on a turn in the market — due to changing market fundamentals. If the price now declines, they will claim credit for this coincidence.

Do not be fooled.


3 posted on 06/26/2008 8:52:48 PM PDT by USFRIENDINVICTORIA
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To: Flavius

The article is silly.. they are reporting on not much more than a meaningless tick. It isn’t “down” by any stretch. It moved 10X as much both up and down intraday during the past day or two.

The financial press always has to provide a reason for a move, but the reason they give are rarely connected to the move in a share price.

One day in Yahoo Finance, I had two headlines, one on top of each other and posted 1 minute apart:

- Oil Steady as Traders Wait for Inventory Report
- Oil Down Sharply on Chinese Gas Price Increase

It was something like that and they were posted to Yahoo Finance literally 1 minute apart.


4 posted on 06/26/2008 8:54:06 PM PDT by bluefish (NoBama! Because Commies Suck)
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To: bluefish

I’ve seen that too. “Camel f@rts in Kuwait, oil supply threatened” (AP) “Camel f@rts in Kuwait, gas plentiful” (UPI)


5 posted on 06/26/2008 9:16:28 PM PDT by lightman (Waiting for Godot and searching for Avignon)
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To: Flavius

Yeah and Global Warming is real. There is no cause and affect, the Congress is attempting to make a bad situation worse as always. If you like $5/gal, Thank Do Nothing Nancy.

Pray for W and Our Troops


6 posted on 06/26/2008 9:24:24 PM PDT by bray (Drill Congress!!!)
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To: Flavius

Dated Brent Spot now $141..08 at %:08 Am....not much of an ease. We will see !50 by the end of the July 4th week.


7 posted on 06/27/2008 2:24:46 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: RSmithOpt

%=5 oopps coffee just now starting to kick in.


8 posted on 06/27/2008 2:26:08 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: All

They were forced to play the Saudi Arabia card already in May 20. It lasted two months.

Now they don’t have anything left ... you can’t trick the oil price like you do with the stock market indexes ...

From second and last page archived at
Science fiction - this time into the past”, from 2003 - archived 2005
http://web.archive.org/web/20050415004453/http://engforum.pravda.ru/printthread.php3?threadid=49764


9 posted on 06/27/2008 4:53:39 AM PDT by VlPu
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