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Oil plunges below $97 on US demand, Europe votes
Houston Chronicle ^ | May 7, 2012 | ALEX KENNEDY

Posted on 05/07/2012 12:54:39 AM PDT by Uncle Slayton

SINGAPORE (AP) — Oil dived below $97 a barrel Monday in Asia, bringing its fall over three trading days to about 8 percent, as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth.

Benchmark oil for June delivery was down $1.87 to $96.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $4.05 to settle at $98.49 in New York on Friday. Brent crude for June delivery was down $1.81 at $111.37 per barrel in London.

Crude has slumped about 8 percent over the last three trading sessions amid signs oil demand may be weaker than previously expected.

The Energy Department said last week that U.S. crude inventories have risen to the highest since 1990. That was followed by the Labor Department on Friday announcing the economy added 115,000 jobs in April, far fewer than the 165,000 analysts were expecting.

(Excerpt) Read more at chron.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS:

1 posted on 05/07/2012 12:54:48 AM PDT by Uncle Slayton
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To: Uncle Slayton
"Crude has slumped about 8 percent over the last three trading sessions amid signs oil demand may be weaker than previously expected."

For many years retail prices have risen sharply around Memorial day. Maybe this time it's different.

2 posted on 05/07/2012 1:26:17 AM PDT by preacher (Communism has only killed 100 million people: Let's give it another chance!)
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To: Uncle Slayton

I have mixed feelings about this decrease. While welcoming the decrease of prices at the pump, I must admit I don’t want anything to happen that could help the tin-horn dictator (that term used to be applied only to banana republics but, alas, is now appropriate here)stay in the White House.


3 posted on 05/07/2012 1:43:45 AM PDT by luvbach1 (Stop the destruction in 2012 or continue the decline)
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To: luvbach1

There must be a reason why OPEC is humoring Obama.


4 posted on 05/07/2012 2:11:13 AM PDT by HiTech RedNeck (Mitt! You're going to have to try harder than that to be "severely conservative" my friend.)
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To: HiTech RedNeck
There must be a reason why OPEC is humoring Obama.

They wouldn't want American energy independence for one thing, and they certainly won't have to face that with Obama and the 'rats in power.

5 posted on 05/07/2012 2:15:33 AM PDT by luvbach1 (Stop the destruction in 2012 or continue the decline)
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To: luvbach1
Prices at-the-pump have dropped 30¢ for Unleaded Regular (87oct), from $3.99/gal to $3.69/gal in less than 2½ weeks, so he's going to get credit, although totally-undeserved.
6 posted on 05/07/2012 3:20:12 AM PDT by carriage_hill (((.)))
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To: Uncle Slayton
Oh goodie! Now we'll only have to pay $3.50 for gas! Thank you Dear Reader!
7 posted on 05/07/2012 3:38:55 AM PDT by jmaroneps37 (Conservatism is truth. Liberalism is lies.)
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To: jmaroneps37

Give Obama credit - he’s figured out a way to lower the price of gas. Of course, it involves the destruction of the economy AROUND the pumps but, hey, any port in a storm.


8 posted on 05/07/2012 3:42:02 AM PDT by relictele (We are officially OUT of other people's money!)
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To: preacher

I hope it plunged before it slumped!!

I am so sick of these people writing headlines I could puke.

A two or three dollar drop isn’t a “PLUNGE”.

Come back and we’ll talk about “plunges” when it drops by $65 a bbl.


9 posted on 05/07/2012 3:47:39 AM PDT by djf ("There are more old drunkards than old doctors." - Benjamin Franklin)
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To: Uncle Slayton

It goes up 50 cents and drops back 30 cents and everyone is as happy as a ping in slop.


10 posted on 05/07/2012 4:40:07 AM PDT by Venturer
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To: jmaroneps37

Really, I’ll get happy when it gets below $1.50, I guess I’m not going to be happy then.....


11 posted on 05/07/2012 4:42:43 AM PDT by Brett66 (Where government advances, and it advances relentlessly , freedom is imperiled -Janice Rogers Brown)
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To: Uncle Slayton

What is “benchmark oil?”


12 posted on 05/07/2012 5:00:12 AM PDT by sergeantdave
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To: Uncle Slayton; mickie; flaglady47
It's still costing me $74.00 for a fill-up for my car.

So, I'm supposed to do cartwheels that the pump price has gone down a few cents?

Folks are just going to go broke a little slower with the politically-motivated reduction in the price.

Leni

13 posted on 05/07/2012 6:37:08 AM PDT by MinuteGal (No control of historic Mt. Rushmore by UN... Get the U.S. OUT of the UN. Get the UN OUT of the U.S.)
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To: MinuteGal

When Bush was president, gas costs $1.50 a gallon and oil production in the USA was at record levels.

And today, under Obama gas in almost $5.00 a gallon and there in virtually no oiul drilling or oil production in the USA.


14 posted on 05/07/2012 10:56:02 AM PDT by Uncle Slayton
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