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Oil hovers above $66 after weak jobs data

The Associated Press -- Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.

By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.

Trading in the U.S. is closed Friday for the Independence Day holiday.

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Submitted Jul 03, 2009 By: GM

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niceguytx Champion Author Houston Posts:8,941 Points:1,744,810 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:00:38 PM Ignore niceguytx Report Abuse I hope it falls like a brick after Labor Day.
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,012,760 Joined:Sep 2006	Message Posted: Jul 3, 2009 3:53:03 PM Ignore TeachR06 Report Abuse we all know that this has nothing to do with the job data. Oil runs their own show. Even when jobs were not scarce, prices were crazy!
Skyeja All-Star Author New Hampshire Posts:559 Points:458,525 Joined:Sep 2008	Message Posted: Jul 3, 2009 3:50:48 PM Ignore Skyeja Report Abuse What reality were those people living in who were talking about an upturn in the economy earlier in the month anyway?
Itsme All-Star Author Pennsylvania Posts:577 Points:533,350 Joined:Mar 2003	Message Posted: Jul 3, 2009 3:49:41 PM Ignore Itsme Report Abuse Lower energy costs would help end the recession. But as soon as the economy gives a sign of hope the price of oil and gasoline increases. No wonder we cannot get out of this recession. Common Sense!
la90042 Champion Author Los Angeles Posts:2,402 Points:505,405 Joined:Nov 2008	Message Posted: Jul 3, 2009 3:48:09 PM Ignore la90042 Report Abuse still to high for the actual demand..
altima2008 Champion Author Philadelphia Posts:3,224 Points:764,685 Joined:Apr 2008	Message Posted: Jul 3, 2009 3:44:30 PM Ignore altima2008 Report Abuse One plue one is two. If people don't have jobs people won't spend money on overpriced fuel!
LilRedWagonIN Champion Author Indiana Posts:2,803 Points:601,855 Joined:Oct 2008	Message Posted: Jul 3, 2009 3:44:28 PM Ignore LilRedWagonIN Report Abuse Well, maybe we will get a break for one day? What's the chance of not having a daily post about the daily trading in oil?
southjerseyal Champion Author New Jersey Posts:8,725 Points:1,217,440 Joined:Mar 2005	Message Posted: Jul 3, 2009 3:44:16 PM Ignore southjerseyal Report Abuse Gas is Hovering at $2.28 cash price in West Berlin, NJ for the cheapest in this immediate area...
bikechuck Champion Author Indianapolis Posts:2,016 Points:1,083,145 Joined:Apr 2006	Message Posted: Jul 3, 2009 3:43:41 PM Ignore bikechuck Report Abuse Unemployment is almost 10% and the media cares about M Jackson. House passed the cap and trade bill and the media cares about M Jackson. The health care debate rolls on and the media cares about M Jackson. Please get back on track and keep the public informed about things that will have great consequences for us and and our children. Oil investors do not see a positive future yet, so prices will stay down.
PathfinderSC Champion Author South Carolina Posts:4,544 Points:854,760 Joined:Mar 2008	Message Posted: Jul 3, 2009 3:40:52 PM Ignore PathfinderSC Report Abuse Nothing today is written in stone. What is down today, enjoy, For tomorrow it may be up.
1fulltank Champion Author Buffalo Posts:2,980 Points:575,900 Joined:Nov 2008	Message Posted: Jul 3, 2009 3:38:51 PM Ignore 1fulltank Report Abuse No money, no demand. SEE???...
theduster1 Champion Author Texas Posts:1,411 Points:318,490 Joined:Apr 2008	Message Posted: Jul 3, 2009 3:38:27 PM Ignore theduster1 Report Abuse give it time oil will go up up and away on price again
hangupanddrive Champion Author Michigan Posts:1,831 Points:1,157,655 Joined:Aug 2005	Message Posted: Jul 3, 2009 3:36:52 PM Ignore hangupanddrive Report Abuse Right, what jobs?
OTISFL All-Star Author Pensacola Posts:828 Points:148,380 Joined:Apr 2009	Message Posted: Jul 3, 2009 3:34:59 PM Ignore OTISFL Report Abuse Prices went down about 1 cent today in Pensacola. No doubt by the 4th they'll jump at least 3 cents. GOUGERS
vegaland Champion Author Houston Posts:2,403 Points:501,795 Joined:May 2006	Message Posted: Jul 3, 2009 3:34:57 PM Ignore vegaland Report Abuse Oil will continue to drop for a while, but then it's going back up a lot.
trikemike Veteran Author Rochester Posts:320 Points:53,270 Joined:Sep 2008	Message Posted: Jul 3, 2009 3:24:58 PM Ignore trikemike Report Abuse prices are down a tad here, and so are my pants waiting for the next price spike
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 3, 2009 3:19:19 PM Ignore DellMan Report Abuse There is an article out today explaining why oil prices went so high earlier this week. There was a rogue trader in England who manipulated the system and made $10M in one day. It is time Obama lived up to one of his promises and started controlling the speculators. There is a first time for everything. This is to say if he actually keeps one of his promises it will be a first.
repeater1 Champion Author Kansas Posts:3,431 Points:1,399,370 Joined:Oct 2005	Message Posted: Jul 3, 2009 3:17:50 PM Ignore repeater1 Report Abuse It needs to keep on dropping and the economy needs to improve. Not sure which will happen first.
Beboper Champion Author Virginia Posts:3,752 Points:1,182,410 Joined:Oct 2005	Message Posted: Jul 3, 2009 3:16:14 PM Ignore Beboper Report Abuse going down a little around here
ItisAJeepThing Champion Author Tucson Posts:11,121 Points:1,170,180 Joined:Oct 2006	Message Posted: Jul 3, 2009 3:16:11 PM Ignore ItisAJeepThing Report Abuse Local price of gasoline is down, lowest in Arizona.
Hugo40 Champion Author Kentucky Posts:2,723 Points:647,010 Joined:Aug 2008	Message Posted: Jul 3, 2009 3:10:45 PM Ignore Hugo40 Report Abuse With unemployment up, you would expect to see travel down or at least shorter trips for the folks.
DeHavilland Champion Author Toronto Posts:3,214 Points:1,002,570 Joined:Jun 2007	Message Posted: Jul 3, 2009 3:08:48 PM Ignore DeHavilland Report Abuse Oil drops when no one can buy gas anymore because they're unemployed.
balljars Champion Author Michigan Posts:3,628 Points:720,300 Joined:Aug 2008	Message Posted: Jul 3, 2009 3:07:32 PM Ignore balljars Report Abuse Prices down a couple of cents overnight here.
sgonza98 Champion Author San Antonio Posts:3,502 Points:556,405 Joined:Apr 2004	Message Posted: Jul 3, 2009 3:06:46 PM Ignore sgonza98 Report Abuse Good news tempered by bad news.
Jeff4U Champion Author Atlanta Posts:3,262 Points:877,195 Joined:Nov 2004	Message Posted: Jul 3, 2009 3:05:49 PM Ignore Jeff4U Report Abuse No complaining out of me. I'll gladly pay our local $2.39 per gallon instead of the year ago $4.14 prices ... no problem. (although crude should only be no more than $40 barrel)
pictureman Champion Author Miami Posts:1,102 Points:1,101,030 Joined:Feb 2003	Message Posted: Jul 3, 2009 3:04:03 PM Ignore pictureman Report Abuse I just posted a low gas price of only $2.45 but I just recently filled my tank at $2.59! It just may be E85 ethanol which I cannot use!
arvo87 Champion Author New Mexico Posts:2,940 Points:584,615 Joined:Jul 2008	Message Posted: Jul 3, 2009 3:01:46 PM Ignore arvo87 Report Abuse I see oil coming down to about $50 a barrel in the next three months
CptnCanada Champion Author Saskatoon Posts:2,753 Points:412,000 Joined:Jun 2008	Message Posted: Jul 3, 2009 2:59:35 PM Ignore CptnCanada Report Abuse Keep dropping
72_Monte Champion Author Twin Cities Posts:2,804 Points:1,020,755 Joined:Aug 2005	Message Posted: Jul 3, 2009 2:59:16 PM Ignore 72_Monte Report Abuse THANKS FOR THE SHOUT-OUT. (lose the caps key) It'll be a little bit before the profiteers get our nards back in hand.
eagleeye2008 Champion Author Wisconsin Posts:3,992 Points:757,240 Joined:Jul 2008	Message Posted: Jul 3, 2009 2:56:35 PM Ignore eagleeye2008 Report Abuse GET READY FOR ALL THEIR TEARS,, IT'S STILL GOING TO DROP ANOTHER .20 CENTS WITHIN THE NEXT MONTH !!!
kyrunner Champion Author Lexington Posts:3,911 Points:721,710 Joined:Aug 2008	Message Posted: Jul 3, 2009 2:54:18 PM Ignore kyrunner Report Abuse If prices don't go up today it will be the first holiday in years that fuel costs at the pump didn't rise. We actually had a $0.02 cent drop today in central Ky. That really surprised me. But, the day isn't over yet.
Panama Red Champion Author San Diego Posts:6,171 Points:1,550,115 Joined:Jun 2004	Message Posted: Jul 3, 2009 2:53:03 PM Ignore Panama Red Report Abuse The price of oil should be even lower in this economy.
CISA Champion Author Orange County Posts:2,094 Points:673,545 Joined:Dec 2006	Message Posted: Jul 3, 2009 2:52:52 PM Ignore CISA Report Abuse The dollar was up and gas was down -- the usual relationship.
Dkrdj5 Champion Author Jacksonville Posts:2,239 Points:333,775 Joined:May 2009	Message Posted: Jul 3, 2009 2:51:33 PM Ignore Dkrdj5 Report Abuse $2.48 at the winn dixie here yesterday.
humblepie Champion Author Toledo Posts:7,963 Points:1,392,240 Joined:Mar 2006	Message Posted: Jul 3, 2009 2:50:17 PM Ignore humblepie Report Abuse if world leaders would only read these boards everyday all their problems would be solved
pokey469 Champion Author Hamilton Posts:1,134 Points:262,165 Joined:Sep 2005	Message Posted: Jul 3, 2009 2:48:30 PM Ignore pokey469 Report Abuse Would be nice if the price would just stay there until things improve.
lgwhitlock Champion Author Chico Posts:2,809 Points:720,025 Joined:Jun 2008	Message Posted: Jul 3, 2009 2:48:09 PM Ignore lgwhitlock Report Abuse I am glad to see it edged down slightly. This weak economy can not support much higher than it already is. I just hope speculators don't get busy and mess everything up...
Yonkers111 Champion Author Scranton Posts:6,328 Points:536,820 Joined:Apr 2007	Message Posted: Jul 3, 2009 2:45:53 PM Ignore Yonkers111 Report Abuse It seems like the low $70's is about the top of the range. So much for drilling, alternate fuels and alternate vehicles. Nothing good will come of these low prices.
jackson661 Champion Author Columbus Posts:1,732 Points:570,995 Joined:May 2006	Message Posted: Jul 3, 2009 2:45:21 PM Ignore jackson661 Report Abuse Just as they say there is not shortage.
billsandi Champion Author Lexington Posts:7,572 Points:1,408,225 Joined:Aug 2005	Message Posted: Jul 3, 2009 2:44:09 PM Ignore billsandi Report Abuse Jobs data is but one factor. We will continue to see fluctuations.
LocalSpyGuy Champion Author Tampa Posts:2,921 Points:610,365 Joined:Nov 2008	Message Posted: Jul 3, 2009 2:43:59 PM Ignore LocalSpyGuy Report Abuse Prices are down about 10 cents a gallon in the past two weeks.
PithyOpiner Champion Author Stockton Posts:6,872 Points:707,930 Joined:Jun 2008	Message Posted: Jul 3, 2009 2:38:05 PM Ignore PithyOpiner Report Abuse I agree, cheepo. We should drive like there is no tomorrow. Maybe even leave the car running all night in the drive way to burn up even more gas. The faster we get to that last drop of oil, the faster we get to getting serious about developing the electric car.
micpie Veteran Author Oregon Posts:465 Points:116,965 Joined:Jun 2009	Message Posted: Jul 3, 2009 2:38:00 PM Ignore micpie Report Abuse prices are between $ 2.59 and $ 2.89 throughout Oregon.
Cheepo Champion Author Tampa Posts:5,054 Points:2,175,190 Joined:Apr 2003	Message Posted: Jul 3, 2009 2:35:05 PM Ignore Cheepo Report Abuse Drive, drive, drive, donot coserve!!!
milespergallon Champion Author Illinois Posts:4,978 Points:1,046,420 Joined:Feb 2007	Message Posted: Jul 3, 2009 2:33:33 PM Ignore milespergallon Report Abuse No one is mentioning that oil is down ALMOST TEN DOLLARS! What has this done for us? A penny or two. More conservation is necessary. They tried to run the price up and WE didn't buy into that. Keep it that way! CONSERVE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Dale Jr. Champion Author Illinois Posts:11,271 Points:2,256,625 Joined:May 2004	Message Posted: Jul 3, 2009 2:26:49 PM Ignore Dale Jr. Report Abuse Just drop already.
Ken2OD Champion Author Grand Rapids Posts:4,078 Points:995,510 Joined:Dec 2005	Message Posted: Jul 3, 2009 2:26:40 PM Ignore Ken2OD Report Abuse Alaska North Slope Crude closed Thursday at $66.98. It was $69.56 on Wednesday.
RAC110 Champion Author Massachusetts Posts:2,343 Points:1,161,685 Joined:Mar 2003	Message Posted: Jul 3, 2009 2:24:54 PM Ignore RAC110 Report Abuse this holiday will use up a lot of the oil
krell58 Champion Author Missouri Posts:5,792 Points:1,143,705 Joined:Apr 2006	Message Posted: Jul 3, 2009 2:13:20 PM Ignore krell58 Report Abuse Should be $40/ barrel.
Cuzilla Champion Author Indianapolis Posts:8,798 Points:1,546,540 Joined:Sep 2005	Message Posted: Jul 3, 2009 2:13:12 PM Ignore Cuzilla Report Abuse OPEC wants $75 a barrel for oil!
fizbos Champion Author Maine Posts:2,092 Points:1,037,660 Joined:May 2006	Message Posted: Jul 3, 2009 2:10:10 PM Ignore fizbos Report Abuse Dwelling upon one day movements in the oil market is a waste of time.
w4kh Champion Author Riverside Posts:6,851 Points:1,273,495 Joined:May 2004	Message Posted: Jul 3, 2009 2:09:18 PM Ignore w4kh Report Abuse Another example of data refusing to confirm the "analysts" pontificating: the economy is still weak, which keeps the price of oil down versus the economy is rebounding and the dollar is strengthening will keeps the price of oil down... Makes me think the reporters haven't a clue!