Oil Prices Fall Below $87 a Barrel

uscitizen

uscitizen

Villified User
Oil Prices Fall Below $87 a Barrel

Thursday February 7, 2:10 AM EST

BANGKOK, Thailand (AP) — Oil prices fell Thursday in Asia, extending an overnight decline of more than $1 a barrel after the U.S. government reported unexpectedly large jumps in crude oil and gasoline inventories and a surprise increase in stocks of heating oil.

Coming amid anxiety about the U.S. economy and concerns that demand for oil and gasoline is falling, the inventory report reinforced a growing view that oil and petroleum product supplies are adequate.

Light, sweet crude for March delivery fell 15 cents to $86.99 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract fell $1.27 to settle at $87.14 a barrel in Wednesday's floor session.

In its weekly inventory report, the U.S. Energy Department's Energy Information Administration said crude oil inventories jumped 7 million barrels last week, nearly triple the 2.6 million barrel increase that analysts surveyed by Dow Jones Newswires had expected.

Gasoline stocks grew 3.6 million barrels last week, double the 1.8 million barrel estimate. Inventories of distillates, which include heating oil and diesel fuel, rose 100,000 barrels, countering analyst expectations that supplies would fall 1.8 million barrels.

http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8ulaurg0&date=20080207
 
the coming fall in oil prices is going to be like a giant tax cut/relief package.
It'll go down below 80 maybe way below.
 
If it does continue to decrease and the dollar rises as a result will the pundits say they are sorry for attempting to cause a panic?
 
You can tag any reason you want. Oil is a commodity, the most important one buch just like others they go up and they come down.
I've been in the bizz for 25 yrs, this is the longest up time but most of the 25 have been dirt cheap oil. It's coming down and it's coming down hard.
 
Service Index takes a dive, Stocks are plunging, Job index is Lowest since Feb '02. Dollar value is crap. Consumer confidence at a 14 year low. I doubt $2.50 a gallon gas is going to do shit for the economy in the short term. It will be labeled a recession before it makes any kind of impact.
 
DigitalDave said:
Service Index takes a dive, Stocks are plunging, Job index is Lowest since Feb '02. Dollar value is crap. Consumer confidence at a 14 year low. I doubt $2.50 a gallon gas is going to do shit for the economy in the short term. It will be labeled a recession before it makes any kind of impact.
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Doomer ;)

More billionaires than ever before :clink:
 
Look the service sector is 80% of the economy, and its signalling contraction right now. It's at its lowest rate since Oct. 2001. It was a hard drop too. Went from 54.4 to 41.9.
 
uscitizen said:
Reposessions on autos are climbing too.
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That seems about right, people agreeing to loans they can't afford in the housing market, would seem like they did the same thing with auto. It's just one little part of the big picture, but the big picture is not looking pretty for the next year.
 
gonzojournals said:
This is getting old...actually, I think 90 percent of the board hates you because of one-liners like this and your inability to ever add anything to a conversation.
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the righties hate me because I was right about Bush, right about the war, and a few other things.

I on the other hand hate no one on here.
 
gonzojournals said:
If you spout out bullshit every day you are sure to be right eventually.
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You ARE trying to be more stupit than I am, it is becoming clearer all the time.

You see I do not need a troll like many others, because I am just here for fun.
And am not concerned what stupit people think of me on an anonomous BB site.
 
uscitizen said:
You ARE trying to be more stupit than I am, it is becoming clearer all the time.

You see I do not need a troll like many others, because I am just here for fun.
And am not concerned what stupit people think of me on an anonomous BB site.
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Yet you felt the need to explain that :)
 
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