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Oil Drops From Three-Week High on Signs Supplies to Rise

Bloomberg -- Oil dropped from the highest price in almost three weeks in New York on signs U.S. crude supply is rising and speculation that Saudi Arabia may boost output.

Futures slipped as much as 0.6 percent after gaining yesterday for a second day. U.S. stockpiles rose to the highest level in six months last week, a Bloomberg News survey showed before a government report tomorrow. Saudi Arabia’s cabinet will work with crude consumers and producers to restore “fair” prices, according to the state news agency. Oil has climbed this year on concern that tension between the West and Iran may disrupt Middle East exports.


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Submitted Mar 20, 2012 By: Mudsprings
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Drops From Three-Week High on Signs Supplies to Rise Back to Topics
REPLIES (newest first) Post a Reply
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joekayak
All-Star Author Massachusetts

Posts:859
Points:1,153,775
Joined:May 2010
Message Posted: Mar 20, 2012 11:55:34 PM

I think that speculators will end up spoiling it for the rest of us.
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DrCashFlow
Champion Author Massachusetts

Posts:9,255
Points:2,100,895
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Message Posted: Mar 20, 2012 11:24:30 PM

Simple Laws of supply and demand might actually work their magic
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ExplorerWA
Champion Author Washington

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Points:1,215,860
Joined:Feb 2011
Message Posted: Mar 20, 2012 4:24:52 PM

If it was announced that we were going to start drilling and producing our own oil, the price of foreign oil would come down. Huh! that would be too easy. Our politicians like the path of risking a depression and a possible nuclear war in the Middle East over oil.
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ned23
Champion Author Columbus

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Message Posted: Mar 20, 2012 12:34:19 PM

Won't help for a while. Most refiners have already locked in their delivery contracts for the next two months.
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rjojo40
Champion Author Las Vegas

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Message Posted: Mar 20, 2012 12:21:01 PM

sorry folks but the consumer is always the last rung in the ladder when it comes to oil.
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brbaritone
Champion Author Virginia

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Message Posted: Mar 20, 2012 8:47:07 AM

Hey, look! A new kind of speculation: " ... speculation that Saudi Arabia may boost output." Will an increase in supply cause prices to go down? Of course not. "Saudi Arabia’s cabinet will work with crude consumers and producers to restore “fair” prices ... " - their opinion of 'fair' is probably somewhere in the $80s, which is still goofy high.
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jjjleblanc
Champion Author Rochester

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Message Posted: Mar 20, 2012 7:27:11 AM

Like we'll see a drop in gas prices. More margin for someone, not the consumer.
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matman01
Champion Author Detroit

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Message Posted: Mar 20, 2012 7:10:44 AM

We can only hope.
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el_fr
Champion Author Massachusetts

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Message Posted: Mar 20, 2012 7:01:05 AM

Prices still on the rise though
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gas4433
Champion Author Houston

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Message Posted: Mar 20, 2012 6:44:06 AM

Ok
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BBopp
Champion Author Dayton

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Message Posted: Mar 20, 2012 5:40:25 AM

This is good news! Let's hope it continues to drop.
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OaklandInvaders
Champion Author San Jose

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Message Posted: Mar 20, 2012 3:15:29 AM

About time but keep all the oil assets dont export or export at $10/gal
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UseLessGasFolks
Champion Author Iowa

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Message Posted: Mar 20, 2012 2:38:06 AM


We need the greedy pigs of big oil to STOP EXPORTING GASOLINE!!!!

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comprof
Champion Author Houston

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Message Posted: Mar 20, 2012 2:29:11 AM

The usage has decreased. Mow if they would open up drilling.
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anascom
Champion Author Hamilton

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Message Posted: Mar 20, 2012 2:13:56 AM

still have high gas prices here in Ontario!
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alterman156
Champion Author New York

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Message Posted: Mar 20, 2012 1:55:00 AM

If only gasoline prices could come down.
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UseLessGasFolks
Champion Author Iowa

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Message Posted: Mar 20, 2012 1:50:06 AM


The only way you can win is to USE LESS GAS!!!!!
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drpepperTX
Champion Author Texas

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Message Posted: Mar 20, 2012 1:44:24 AM

Volatile to say the least.
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nomad228
Champion Author Columbus

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Message Posted: Mar 20, 2012 1:44:22 AM

number of people buying gas dropped from three week(record) high as fuel prices increase for no explainable intelligent excuse by big earl. : ) in other words if we can't afford then we don't buy it,then no reason to buy another car/truck,then no reason to buy insurance,then no reason to buy any goods to maintain a car or truck ,then no reason drive it anywhere say for tourism or to purchase goods oh and finally stores and businesses begin to shut down and city turn into ghost towns.odd how that works.it's a wonder the simpletons in washington don't see this and the downfall it will cause in america economy.i'm only tree years old and i can see the trouble de-regulation of big earl has caused and will cause.The Emergency Gas Act (signed February 2, 1977) was a mix of regulation in response to OPEC price hikes and deregulation and the 1973 oil crisis.seems like our gov'ment learns nothing from history.
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gudrench
Champion Author Houston

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Message Posted: Mar 20, 2012 1:31:29 AM

Yawn...
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roadrunnerMO
Champion Author Kansas

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Message Posted: Mar 20, 2012 1:31:25 AM

Yep, obozos poll ratings are dropping as he asked for higher energy prices particularly on oil.. now he does a turnaround since elections are coming.

NOBAMA IN 2012..
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kosciak
Champion Author Hartford

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Message Posted: Mar 20, 2012 1:29:36 AM

as much as 0.6 amanzing!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
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RADIOCANADA499
Champion Author Ontario

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Message Posted: Mar 20, 2012 1:28:56 AM

Good!!!
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waffleking
Rookie Author Durham

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Message Posted: Mar 20, 2012 1:28:15 AM

I drink YOUR milkshake!
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69Bonne
Champion Author Gary

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Message Posted: Mar 20, 2012 1:27:20 AM

Duh, no wonder with high prices, but it will take awhile to get to us. The refiners and wholesalers want to make as much as possible on our backs.
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MetroSexual
Champion Author Colorado

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Message Posted: Mar 20, 2012 1:25:26 AM

Let there be a glut of oil!
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Tucker1961
Champion Author Seattle

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Message Posted: Mar 20, 2012 1:22:03 AM

ok
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mrbee
Champion Author Little Rock

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Message Posted: Mar 20, 2012 1:20:11 AM

Will be slow to get to us.
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numbers
Champion Author North Dakota

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Message Posted: Mar 20, 2012 1:19:24 AM

Gas
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coke_kid
Champion Author Chicago

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Message Posted: Mar 20, 2012 1:17:55 AM

this is a joke ok, the only thing droping is Obamas pole ratings..hes the green president..great huh
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esquared
Champion Author Oklahoma City

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Message Posted: Mar 20, 2012 1:17:51 AM

Ever so slightsly....
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Zonk
Champion Author Michigan

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Message Posted: Mar 20, 2012 1:16:11 AM

I don't expect to see any major reduction in pump prices in the next several weeks.
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GRUMPY55
Champion Author California

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Message Posted: Mar 20, 2012 1:15:25 AM

Good
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lonewolfhead
Champion Author Texas

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Message Posted: Mar 20, 2012 1:13:48 AM

Doesn't matter will not have any effect at the pump
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Rooster922
Champion Author Wilmington

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Message Posted: Mar 20, 2012 1:10:59 AM

Let's Celebrate.
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BJWI
Champion Author Milwaukee

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Message Posted: Mar 20, 2012 1:09:20 AM

Once again, prices rise by the dimes, but drop by the pennies.
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bra0712
Champion Author Arizona

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Message Posted: Mar 20, 2012 1:08:21 AM

Gas keeps on rising
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Road-Runner
Champion Author Denver

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Message Posted: Mar 20, 2012 1:08:17 AM

Prices are galloping higher in Denver!
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must87searcher
Champion Author Maryland

Posts:11,223
Points:2,269,415
Joined:Apr 2008
Message Posted: Mar 20, 2012 1:07:35 AM

This is just a miner change. The price of gas is probably going to have no effect of just having the price oil make a small drop.
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abfpat
Champion Author Illinois

Posts:30,478
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Joined:May 2001
Message Posted: Mar 20, 2012 1:04:06 AM

It will takes weeks so see pennies of savings.
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