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Oil falls near $74 as traders look to US economy

CNBC -- Oil prices fell to near $74 a barrel Tuesday in Asia as investors mull the strength of the U.S economy and demand for crude. Benchmark oil for October delivery was down 57 cents at $74.03 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract last settled on Friday at $74.60, down 42 cents. Markets in the U.S. were closed Monday for the Labor Day holiday.

Analysts are still digesting Friday's U.S. jobs report for August. Private employers added 67,000 jobs last month, more than analysts expected. However, the jobless rate rose in August to 9.6 percent from 9.5 percent in July.
The bottomline is that there is no easy excuse for the slowdown in the recovery," the Schork Group said. "On the other hand, we are far from a double dip recess

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Submitted Sep 07, 2010 By: DoctorOH

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honda0105 Champion Author Tallahassee Posts:15,272 Points:1,143,275 Joined:Nov 2008	Message Posted: Sep 7, 2010 7:12:11 PM Ignore honda0105 Report Abuse last I checked, the economy was still in the dumps... hmmm.. can we say, no more blood from a stone squeezed beyond dry already?
condé Champion Author Michigan Posts:2,752 Points:1,588,745 Joined:Oct 2004	Message Posted: Sep 7, 2010 9:45:17 AM Ignore condé Report Abuse Keep on fallen!
Voltus Champion Author Miami Posts:6,242 Points:1,125,005 Joined:May 2005	Message Posted: Sep 7, 2010 9:26:33 AM Ignore Voltus Report Abuse let me know when it reaches under $50...
plbell627 Champion Author Dayton Posts:3,009 Points:751,425 Joined:Mar 2007	Message Posted: Sep 7, 2010 9:00:34 AM Ignore plbell627 Report Abuse As I have said before until controls are put on the SPECULATORS prices will go up & down like a YOYO.
TAT36 Champion Author Florida Posts:4,438 Points:846,470 Joined:Sep 2009	Message Posted: Sep 7, 2010 8:59:07 AM Ignore TAT36 Report Abuse The unemployment raised one tenth of a percent but our president says we are headed in the right direction. That in itself should be good for a spike in oil and gas prices.
cableman31 Champion Author New York Posts:6,579 Points:1,569,420 Joined:May 2004	Message Posted: Sep 7, 2010 8:57:46 AM Ignore cableman31 Report Abuse There is one VERY PROMINENT reason for a slow recovery and that is the INFLATED PRICES OF OIL. It looks good to say 67,000 new jobs. But they fail to say somewhere there were about 75,000 laid off. And how many that kept their jobs took paycuts. Millions. Obama has done almost nothing for our economy, but we have sent HUNDREDS OF BILLIONS to foreign countries. AMERICAN tax dollars should take care of AMERICAN PEOPLE.
jdhelm Champion Author Iowa Posts:4,803 Points:734,685 Joined:Dec 2009	Message Posted: Sep 7, 2010 8:52:36 AM Ignore jdhelm Report Abuse folks - "it ain't gonna get better until it gets worse" and it's still get'n worse yet.
able2ru Champion Author Little Rock Posts:2,352 Points:620,635 Joined:Mar 2005	Message Posted: Sep 7, 2010 8:51:48 AM Ignore able2ru Report Abuse speculators are looking for the next "excuse" to raise prices. Oil needs to fall to around 60-65 a barrel. The world wide economy will remain stalled until it does. If oil remains above this level, the the stagnation will occur for at least a decade. But a major war will most likely break out due to economic stresses before then. WWIII must be just around the corner...
armstrmb Champion Author Houston Posts:8,018 Points:1,624,205 Joined:Jun 2007	Message Posted: Sep 7, 2010 8:49:13 AM Ignore armstrmb Report Abuse If we can conserve, it will drop.
MightyDude Champion Author Minnesota Posts:7,964 Points:2,182,820 Joined:Mar 2003	Message Posted: Sep 7, 2010 8:48:46 AM Ignore MightyDude Report Abuse Right direction
JimTee Champion Author Tampa Posts:2,322 Points:1,190,825 Joined:Apr 2006	Message Posted: Sep 7, 2010 8:47:41 AM Ignore JimTee Report Abuse Well at least it is keep someone employed who is either watching, speculating and reporting on this craziness.
RochBear Champion Author Minnesota Posts:8,456 Points:1,438,530 Joined:May 2006	Message Posted: Sep 7, 2010 8:44:58 AM Ignore RochBear Report Abuse $74. It was down to $70 early last week. That sounds like OIL IS UP. These idiot speculators only look at the last minnute. NOt at the overall trend.
nstrdnvstr Champion Author Twin Cities Posts:33,466 Points:3,524,255 Joined:May 2001	Message Posted: Sep 7, 2010 8:44:57 AM Ignore nstrdnvstr Report Abuse papou, regulating prices failed miserably the last time it was tried.
chesna Sophomore Author Scranton Posts:121 Points:559,650 Joined:Sep 2006	Message Posted: Sep 7, 2010 8:44:41 AM Ignore chesna Report Abuse this article is interesting and unique
mrsports007 Champion Author Raleigh Posts:7,027 Points:1,161,610 Joined:Jun 2008	Message Posted: Sep 7, 2010 8:43:25 AM Ignore mrsports007 Report Abuse needs to keep falling still not low enough.
LongPlay Champion Author Albuquerque Posts:2,896 Points:841,310 Joined:May 2008	Message Posted: Sep 7, 2010 8:43:07 AM Ignore LongPlay Report Abuse "No easy excuse"!! Tax uncertainty, medical cost uncertainty, big government are but three excuses!
dopster Champion Author Toledo Posts:4,789 Points:1,826,625 Joined:Aug 2004	Message Posted: Sep 7, 2010 8:42:17 AM Ignore dopster Report Abuse Well, I hope this means prices at the pump will fall, because we had a pretty bad price spike for Labor Day!
I10Express Champion Author San Antonio Posts:6,316 Points:1,175,995 Joined:Nov 2008	Message Posted: Sep 7, 2010 8:42:06 AM Ignore I10Express Report Abuse Should read "Speculators jacked price of oil up on Friday"
Goatroper Champion Author Dallas Posts:4,684 Points:913,520 Joined:Apr 2004	Message Posted: Sep 7, 2010 8:41:56 AM Ignore Goatroper Report Abuse Amazing how bad $74 sounds. Doesn't sound anywhere near as good as $50.
niceguytx Champion Author Houston Posts:11,417 Points:2,252,120 Joined:Sep 2005	Message Posted: Sep 7, 2010 8:40:41 AM Ignore niceguytx Report Abuse I am hoping gas prices fall more.
MG_Sputnik Champion Author Philadelphia Posts:5,159 Points:1,502,880 Joined:Apr 2006	Message Posted: Sep 7, 2010 8:40:19 AM Ignore MG_Sputnik Report Abuse Yes, prices should come down now. But will they?
2907 Champion Author Kentucky Posts:1,525 Points:843,590 Joined:Aug 2005	Message Posted: Sep 7, 2010 8:40:11 AM Ignore 2907 Report Abuse Amazing how $74 sounds good.
oilrobber Champion Author Miami Posts:7,292 Points:1,468,360 Joined:May 2007	Message Posted: Sep 7, 2010 8:39:19 AM Ignore oilrobber Report Abuse I love how they throw in that 67,000 jobs were added last month. They don't say how many are not eligible for unemployment benefits anymore. To the government, those people don't count. They are more than what is being added. Don't we just love propaganda!
cherican Champion Author Ontario Posts:1,281 Points:796,515 Joined:May 2003	Message Posted: Sep 7, 2010 8:38:19 AM Ignore cherican Report Abuse Usual story, oil prices too high, pump prices too high. Consumers are being gouged and speculators keep spewing nonsense creating artificial prices and lots of $$ profits for them and the oil companies.
nozzle46 Champion Author Little Rock Posts:4,872 Points:1,097,575 Joined:Jul 2006	Message Posted: Sep 7, 2010 8:37:45 AM Ignore nozzle46 Report Abuse We're entering into the slow season for oil. Price usually goes down.
Jarol Champion Author Iowa Posts:6,008 Points:1,127,515 Joined:Nov 2007	Message Posted: Sep 7, 2010 8:37:01 AM Ignore Jarol Report Abuse This administration sure has messed our economy up. It will take decades to correct the mistakes of the past 2 years.
papou Champion Author Tampa Posts:8,491 Points:1,448,040 Joined:Jul 2005	Message Posted: Sep 7, 2010 8:36:50 AM Ignore papou Report Abuse they need to regulate the price schedule.
moody4u Champion Author Cincinnati Posts:3,635 Points:716,280 Joined:Oct 2008	Message Posted: Sep 7, 2010 8:35:50 AM Ignore moody4u Report Abuse It is about to tumble.
jony Champion Author Florida Posts:5,234 Points:1,246,175 Joined:May 2006	Message Posted: Sep 7, 2010 8:35:39 AM Ignore jony Report Abuse Oil like other commmodities is driven by hedge funds and spectulators with the bottom line being GREED
Agabel Champion Author Colorado Springs Posts:2,423 Points:1,126,545 Joined:Aug 2005	Message Posted: Sep 7, 2010 8:35:05 AM Ignore Agabel Report Abuse still too high
SUV2009 Champion Author Orlando Posts:3,112 Points:735,715 Joined:Oct 2009	Message Posted: Sep 7, 2010 8:34:45 AM Ignore SUV2009 Report Abuse Good news and maybe we will see changes at the pump.
Buck_on_Bass Champion Author Tennessee Posts:5,185 Points:1,041,265 Joined:Jul 2007	Message Posted: Sep 7, 2010 8:34:24 AM Ignore Buck_on_Bass Report Abuse Someone said tropical storm and gulf in the same sentence and some traders were hoping for a major productions disruption. Well, the storm has not affected productions in any meaningful way so we will have the currency valuations and the slow US recovery driving the market until more news comes out.
Foxt Champion Author Minnesota Posts:2,926 Points:1,560,165 Joined:Jul 2006	Message Posted: Sep 7, 2010 8:34:07 AM Ignore Foxt Report Abuse It shouldn't even be that high, the speculator is not jumping in as fast as he used to! (Did I say that?)
bkplenge All-Star Author Tallahassee Posts:943 Points:64,755 Joined:Sep 2005	Message Posted: Sep 7, 2010 8:33:01 AM Ignore bkplenge Report Abuse "The bottomline is that there is no easy excuse for the slowdown in the recovery," the Schork Group said" Everyone knows that the only reason for the slowdown is because of the high oil and gas prices. That was the main cause of the recession to begin with. Everyone also knows that after Labor Day, the official end of the summer driving season, that prices should drop significantly. Greed is still in control.
Helms Champion Author Fort Worth Posts:4,726 Points:1,495,070 Joined:Jun 2005	Message Posted: Sep 7, 2010 8:31:34 AM Ignore Helms Report Abuse they have been goign down for the last week but the price at the pump has not change a penny
bozo Champion Author Boston Posts:3,411 Points:1,838,445 Joined:Feb 2003	Message Posted: Sep 7, 2010 8:30:17 AM Ignore bozo Report Abuse oil prices, like stock prices, will continue to fluctuate.
21597 Champion Author Colorado Posts:8,603 Points:1,366,650 Joined:Sep 2005	Message Posted: Sep 7, 2010 8:29:10 AM Ignore 21597 Report Abuse Fuel will not drop as long as demand is there
WVUtailgater Champion Author Pennsylvania Posts:6,097 Points:1,233,550 Joined:Aug 2008	Message Posted: Sep 7, 2010 8:28:40 AM Ignore WVUtailgater Report Abuse needs to fall into the low $60's. Take the currency hedge out
LanguageMan1 Champion Author Tampa Posts:9,145 Points:1,198,235 Joined:Apr 2008	Message Posted: Sep 7, 2010 8:27:29 AM Ignore LanguageMan1 Report Abuse Good! Drop more!
MV_cmtr Champion Author Columbus Posts:1,617 Points:782,085 Joined:Jun 2008	Message Posted: Sep 7, 2010 8:26:22 AM Ignore MV_cmtr Report Abuse Duh!
DJRIO Champion Author Miami Posts:5,486 Points:961,315 Joined:Jan 2008	Message Posted: Sep 7, 2010 8:22:51 AM Ignore DJRIO Report Abuse oil is dropping because labor day weekend is over . And driving season has come to end .
PENNYPINCHR Champion Author Twin Cities Posts:4,097 Points:2,001,655 Joined:Jul 2001	Message Posted: Sep 7, 2010 8:22:34 AM Ignore PENNYPINCHR Report Abuse It's always up and down.............Just get used to it. Supply and demand do not mean anything anymore.
Bajabugster Veteran Author New Mexico Posts:310 Points:107,775 Joined:Jun 2007	Message Posted: Sep 7, 2010 8:20:35 AM Ignore Bajabugster Report Abuse There is some kind of report coming out Thursday, and if things go as usual it will say the economy will be booming tomorrow and oil will go back up for a week or two, slide back down for a day or so until the next rosy report comes out.
lleddirj Champion Author Michigan Posts:3,681 Points:1,155,455 Joined:May 2005	Message Posted: Sep 7, 2010 8:19:17 AM Ignore lleddirj Report Abuse One half of a percent is a "fall" now?
QueenMother Champion Author New Hampshire Posts:5,188 Points:1,704,220 Joined:May 2006	Message Posted: Sep 7, 2010 8:18:01 AM Ignore QueenMother Report Abuse I'd like to see more of a drop in prices at the pumps.
reb4 Champion Author Chicago Posts:13,184 Points:1,356,840 Joined:Sep 2004	Message Posted: Sep 7, 2010 8:16:15 AM Ignore reb4 Report Abuse like that price of oil is going down, but not because u.s. economy sucks...
vamike Champion Author Virginia Posts:3,545 Points:932,570 Joined:Dec 2008	Message Posted: Sep 7, 2010 8:15:43 AM Ignore vamike Report Abuse It will be right back up again.
redhornet Champion Author Minnesota Posts:1,084 Points:518,270 Joined:Dec 2009	Message Posted: Sep 7, 2010 8:15:02 AM Ignore redhornet Report Abuse Up and down
rsm315 Champion Author Detroit Posts:1,174 Points:310,035 Joined:Dec 2009	Message Posted: Sep 7, 2010 8:13:58 AM Ignore rsm315 Report Abuse Then why is gas up anouther couple of cents AGAIN today
heysailor Champion Author Pittsburgh Posts:7,241 Points:1,869,185 Joined:Mar 2006	Message Posted: Sep 7, 2010 8:13:26 AM Ignore heysailor Report Abuse Oil is not following supply and demand rules.