Skip to comments.Oil eases from record high above $140_(speculation regulations)
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 ...
hmm what to do, tax subsidy for oil drilling
or tax subsidy for alternative fuel
seems im going to be taxed to death again
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.
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.
I’ve seen that too. “Camel f@rts in Kuwait, oil supply threatened” (AP) “Camel f@rts in Kuwait, gas plentiful” (UPI)
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
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.
%=5 oopps coffee just now starting to kick in.
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 ...
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