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Oil ends at $74 a barrel because of good US data

TopNews -- High unemployment rates in the US have had a bad impact on the oil prices from Monday itself.

During the starting of the week itself, the price of crude oil slipped close to $74 per barrel in the Asian markets backed by the fear that the US economic figures will reduce the demand for oil in near future.

Price of benchmark oil for October was down by 35 cents to end at $74.25 a barrel on the New York Mercantile Exchange as per the Singapore time. For the contracts the decrease was of 42 cents and it settled at $74.60.

As per the data published by the US Labor Department on Friday, the jobless rate in the country was at 9.6 per cent as against 9.5 per cent in the month of July. What is worrying is that the US has spent huge sums in form of stimulus package to be able to get the figures do

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Submitted Sep 07, 2010 By: OnTheWater

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DrCashFlow Champion Author Massachusetts Posts:4,785 Points:1,170,605 Joined:Jun 2008	Message Posted: Sep 9, 2010 1:23:18 AM Ignore DrCashFlow Report Abuse heading south.
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Sep 7, 2010 9:02:12 PM Ignore mmene Report Abuse Look at the state of affairs we have come to when the market considers 9.5% unemployment to be good news! That is the gift of our government and our (soon to be voted out) congress.
honda0105 Champion Author Tallahassee Posts:15,272 Points:1,143,275 Joined:Nov 2008	Message Posted: Sep 7, 2010 7:13:03 PM Ignore honda0105 Report Abuse If it weren't for Specutraitors, it wouldn't be such a big fat deal!
FPLREP Champion Author Virginia Posts:5,744 Points:1,986,160 Joined:Oct 2005	Message Posted: Sep 7, 2010 4:10:00 PM Ignore FPLREP Report Abuse Today at $ 73.790.
Amtrgas Champion Author Oakland Posts:2,552 Points:1,230,650 Joined:Dec 2007	Message Posted: Sep 7, 2010 4:03:15 PM Ignore Amtrgas Report Abuse The price of oil is always going down. But the price always stays at $70/brl or higher. Never any lower.
traindude Champion Author Virginia Beach Posts:5,615 Points:1,245,500 Joined:Jun 2007	Message Posted: Sep 7, 2010 2:43:25 PM Ignore traindude Report Abuse it's always seemed to me that these prices have been falsely high based on hopes and dreams and contradictory "reports" about the economic recovery of our nation
msgt_usa Champion Author Virginia Posts:2,107 Points:539,015 Joined:Sep 2008	Message Posted: Sep 7, 2010 2:18:26 PM Ignore msgt_usa Report Abuse Poor oil companies, not making any money.
runway12 Champion Author Tacoma Posts:2,906 Points:580,455 Joined:Aug 2008	Message Posted: Sep 7, 2010 2:14:21 PM Ignore runway12 Report Abuse It's interesting how the price of oil in reality has stagnated over the last few weeks.
djtdi Champion Author San Jose Posts:2,829 Points:523,805 Joined:Aug 2005	Message Posted: Sep 7, 2010 2:09:17 PM Ignore djtdi Report Abuse Good news!
Cheepo Champion Author Tampa Posts:7,593 Points:2,673,790 Joined:Apr 2003	Message Posted: Sep 7, 2010 1:59:31 PM Ignore Cheepo Report Abuse Prices down here!!!
10k Champion Author North Carolina Posts:16,606 Points:1,788,845 Joined:May 2006	Message Posted: Sep 7, 2010 1:44:11 PM Ignore 10k Report Abuse strange: the labor day weekend is over now, but gas prices jumped in north carolina.. hmmmmmmm..
myambro Champion Author Sacramento Posts:2,106 Points:661,690 Joined:Mar 2005	Message Posted: Sep 7, 2010 1:43:30 PM Ignore myambro Report Abuse If you don't actually add value to the product you're a speculator. Even Wal-Mart adds value by shipping goods and offering them for sale in their stores. Commodities speculators - ptooey.
dabayer Champion Author New Hampshire Posts:1,559 Points:392,730 Joined:Oct 2005	Message Posted: Sep 7, 2010 1:26:50 PM Ignore dabayer Report Abuse Again, any news is reason enough for these greedy investors, speculators, gamblers to increase the cost of oil and gasoline.
Jo120 Champion Author Arizona Posts:4,242 Points:1,475,430 Joined:Mar 2005	Message Posted: Sep 7, 2010 1:26:40 PM Ignore Jo120 Report Abuse Now that Labor Day is over, I hope the oil price drops.
bills55 Champion Author San Diego Posts:2,207 Points:513,955 Joined:Sep 2009	Message Posted: Sep 7, 2010 1:26:05 PM Ignore bills55 Report Abuse If you want it to go down, conserve. The less we use the more it will go down.
jeromehasbargen Champion Author Minnesota Posts:3,204 Points:627,745 Joined:Jan 2009	Message Posted: Sep 7, 2010 1:20:22 PM Ignore jeromehasbargen Report Abuse Shouldn't be as high demand on gas around here. The news last night reported that traffic was below normal for the holiday .
lkozark Champion Author Missouri Posts:3,765 Points:977,970 Joined:Jul 2007	Message Posted: Sep 7, 2010 1:20:11 PM Ignore lkozark Report Abuse More like "Because of Greed"! Data is used as an excuse to continue to over charge for oil and gas even though it has slowed the recovery. The greedy oil barons and speculators want to make sure they get their profits regardless of what impact it has on others.
Tutootin Champion Author Toronto Posts:7,766 Points:2,613,455 Joined:Jun 2004	Message Posted: Sep 7, 2010 1:19:45 PM Ignore Tutootin Report Abuse So does this mean that we are back into a recession or an economic stimulus? I can never tell from day to day!!!!
CatMan623 Champion Author Houston Posts:12,473 Points:1,883,705 Joined:Aug 2006	Message Posted: Sep 7, 2010 1:18:24 PM Ignore CatMan623 Report Abuse $73.67 right now. About $60/bbl is a good target.
52MPG Champion Author Dayton Posts:4,914 Points:1,278,480 Joined:Apr 2006	Message Posted: Sep 7, 2010 1:18:07 PM Ignore 52MPG Report Abuse I trust the speculators will push it up again.
Hunter114 Champion Author Chicago Posts:5,540 Points:993,910 Joined:Apr 2009	Message Posted: Sep 7, 2010 1:15:57 PM Ignore Hunter114 Report Abuse Should be $44.
SeerLV Champion Author Las Vegas Posts:3,930 Points:807,825 Joined:Jun 2008	Message Posted: Sep 7, 2010 1:10:43 PM Ignore SeerLV Report Abuse Should be lower
bicycler Champion Author Ontario Posts:12,697 Points:2,208,370 Joined:May 2005	Message Posted: Sep 7, 2010 1:08:55 PM Ignore bicycler Report Abuse it is going in the right direction
ftsgt Champion Author Illinois Posts:10,730 Points:2,062,360 Joined:Dec 2004	Message Posted: Sep 7, 2010 1:06:43 PM Ignore ftsgt Report Abuse up and down
sivart Champion Author Arkansas Posts:15,145 Points:2,613,830 Joined:May 2004	Message Posted: Sep 7, 2010 1:02:52 PM Ignore sivart Report Abuse $45.00 a barrel is realistic!!!!
83stang Veteran Author Ohio Posts:299 Points:210,865 Joined:Jul 2008	Message Posted: Sep 7, 2010 12:58:09 PM Ignore 83stang Report Abuse souds good but bryan ohio went 2.75 a gal. still there other town going down like defiance ohio 2.66 what the #!!&^@!~
dabuzman Champion Author Seattle Posts:4,399 Points:1,429,050 Joined:Apr 2006	Message Posted: Sep 7, 2010 12:58:06 PM Ignore dabuzman Report Abuse They could reduce it the $50.00 a barrel then watch the economy go but it will take a year to see the full affect. If this is all they can do then it's going to a long struggle.
CptnCanada Champion Author Saskatoon Posts:5,048 Points:666,500 Joined:Jun 2008	Message Posted: Sep 7, 2010 12:56:28 PM Ignore CptnCanada Report Abuse I still say it should be $47.00 a bbl
Bigmace Veteran Author New York Posts:406 Points:39,745 Joined:Aug 2005	Message Posted: Sep 7, 2010 12:55:40 PM Ignore Bigmace Report Abuse Price of oil coming down, yet still not much movement at the pump. Let the price of oil go up a few cents and see how fast they increase the pump prices.
jimgraham Champion Author Akron Posts:7,971 Points:1,514,995 Joined:Oct 2007	Message Posted: Sep 7, 2010 12:52:52 PM Ignore jimgraham Report Abuse Actually oldiesman, tanker operators are complaining that they have a shortage of cargo - and they are losing money running the ships. But they did not complain when times were good and they could rape the shippers for big bucks on every load...
bby Champion Author Twin Cities Posts:3,599 Points:604,620 Joined:Nov 2009	Message Posted: Sep 7, 2010 12:50:27 PM Ignore bby Report Abuse Very high....
nehemiah Champion Author Portland Posts:3,041 Points:552,540 Joined:Jul 2007	Message Posted: Sep 7, 2010 12:49:41 PM Ignore nehemiah Report Abuse way toooooo high
Tnerbeel Champion Author Houston Posts:6,360 Points:1,285,935 Joined:Mar 2007	Message Posted: Sep 7, 2010 12:48:47 PM Ignore Tnerbeel Report Abuse Oil & gas prices have been relatively steady for some time now. No Labor Day spike here at all.
justinoles Champion Author Orlando Posts:2,258 Points:553,035 Joined:Jul 2009	Message Posted: Sep 7, 2010 12:48:30 PM Ignore justinoles Report Abuse it is down again, below $73. It will continue to move and bounce as usual.
t_flor Champion Author Illinois Posts:2,195 Points:721,740 Joined:Jul 2008	Message Posted: Sep 7, 2010 12:46:57 PM Ignore t_flor Report Abuse Again our price rises for no apparent reason!
gasper Champion Author Edmonton Posts:2,662 Points:975,295 Joined:Mar 2002	Message Posted: Sep 7, 2010 12:46:18 PM Ignore gasper Report Abuse America needs to start standing up for the people and stop helping those that gauge the public and take Government money and say that they will create more jobs.
rasprout Champion Author Tacoma Posts:2,610 Points:834,830 Joined:Jun 2009	Message Posted: Sep 7, 2010 12:45:34 PM Ignore rasprout Report Abuse Sorry OPEC No big profits on the Americans yet!
PithyOpiner Champion Author Stockton Posts:12,332 Points:1,173,800 Joined:Jun 2008	Message Posted: Sep 7, 2010 12:43:58 PM Ignore PithyOpiner Report Abuse Hey, what can we do? Our economy in in the toilet. The rest of the world will just have to wait for it to perk up. It will. It just is going to take time. The world will have to be patient. And, if oil drops another $10, so be it. OPEC will just have to adjust.
TBONE3 Champion Author Pennsylvania Posts:6,393 Points:1,511,720 Joined:Mar 2005	Message Posted: Sep 7, 2010 12:42:40 PM Ignore TBONE3 Report Abuse Evidentially this Administration does not have the foggiest idea on how to solve the problems we are facing. Oil is still overpriced, as is the end product. Guess we all have to pay for the BP fiasco.
altima2008 Champion Author Philadelphia Posts:5,803 Points:1,273,605 Joined:Apr 2008	Message Posted: Sep 7, 2010 12:42:25 PM Ignore altima2008 Report Abuse The jobless rate is higher than 9.6. Nobama don't want to admit that.
KrispyKreme Champion Author Richmond Posts:17,437 Points:2,515,000 Joined:Oct 2003	Message Posted: Sep 7, 2010 12:41:32 PM Ignore KrispyKreme Report Abuse And your justification for that is what Wildman14? (and because I said so doesn't count)
knifeman9 Champion Author North Carolina Posts:3,280 Points:1,026,050 Joined:Oct 2008	Message Posted: Sep 7, 2010 12:40:25 PM Ignore knifeman9 Report Abuse Oil prices jumping like they did during Katrina was the start of this economic downturn. We have been in a crisis ever since. The chosen one's plans seem to be destroy any hopes of recovery. November is fast approaching and the control will shift.
jimgraham Champion Author Akron Posts:7,971 Points:1,514,995 Joined:Oct 2007	Message Posted: Sep 7, 2010 12:40:16 PM Ignore jimgraham Report Abuse Amen to that Wildman14.
oldiesman Champion Author New York Posts:4,221 Points:1,764,850 Joined:May 2006	Message Posted: Sep 7, 2010 12:38:51 PM Ignore oldiesman Report Abuse It should be lower than that, I here there are tankers waiting to off shore waiting to unload there cargo , but have nowhere to put it.Sounds to me that we have too much product right now.This is not the first time this has happened.
donny47 Champion Author New Hampshire Posts:1,471 Points:655,405 Joined:Feb 2009	Message Posted: Sep 7, 2010 12:38:00 PM Ignore donny47 Report Abuse stop speculating!!!!!!!!!!
Cuzilla Champion Author Indianapolis Posts:10,643 Points:1,969,435 Joined:Sep 2005	Message Posted: Sep 7, 2010 12:37:47 PM Ignore Cuzilla Report Abuse Wait till everything in the world economy really cranks up - oil will be at $200 a barrel.
pecos Champion Author Columbus Posts:5,953 Points:1,699,265 Joined:Jul 2005	Message Posted: Sep 7, 2010 12:37:35 PM Ignore pecos Report Abuse What a joke... should be around $50 at the most.
Wildman14 Champion Author Virginia Posts:2,582 Points:627,045 Joined:Jul 2008	Message Posted: Sep 7, 2010 12:35:44 PM Ignore Wildman14 Report Abuse Should be lower than that. Price per gallon should be below $1.50.
HawaiianGuy Champion Author Idaho Posts:7,179 Points:2,619,075 Joined:May 2003	Message Posted: Sep 7, 2010 12:34:11 PM Ignore HawaiianGuy Report Abuse "During the starting of the week itself, the price of crude oil slipped close to $74 per barrel in the Asian markets backed by the fear that the US economic figures will reduce the demand for oil in near future." Really? El Presidente in the past few days has announced yet another round of new spending to try and salvage what is bound to be a bloodbath for the democrats in November. Think this has anything to do with the market's slip in crude prices?
opecsucks76 Champion Author Milwaukee Posts:2,716 Points:713,825 Joined:Jan 2009	Message Posted: Sep 7, 2010 12:31:56 PM Ignore opecsucks76 Report Abuse Agrred with pathfinder.