Oil dips below $124 on concern over U.S. economy

Cybergal · Jun 4, 2008

Oil dips below $124 on concern over U.S. economy
6/4/08

Oil prices dropped below $124 a barrel Wednesday and after Federal Reserve Chairman Ben Bernanke signaled that inflation had become a more prominent concern.

By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel in electronic trade on the New York Mercantile Exchange. The contract fell $3.45 to settle at $124.31 a barrel in the previous session.

That was oil's lowest settlement price for a front-month contract on Nymex since May 15. Prices are now more than $11 below the trading record of $135.09 a barrel hit on May 22.
http://www.thetrucker.com/News/Stories/2008/6/4/Oildipsbelow124onconcernoverUSeconomy.aspx
Click to expand...

Ronnocomot · Jun 4, 2008

Watch the price of Crude tumble once we reach a level 10% off the all time high.

Around the $120 a barrel mark.

Hitman · Jun 4, 2008

Why is it when the price of crude oil increases, the price at the pump increases overnight, but when the price of crude decreases, it takes days for it to drop at the pump?

Money B · Jun 4, 2008

the summer it will be down to $80 a barrel

Baack · Jun 5, 2008

Oil is trading at around
$122 in the asian market
What a bargain

Truckerjo · Jun 5, 2008

Oil will not drop drastically.. I guess that would depend on your view what "drastic" may be though.. Oil will continue to rise and fall with it ultimately rising in price...

Ronnocomot · Jun 5, 2008

You'll see oil higher today and tomorrow. Nice little profit after a week of selling.

My guess is the selling will resume on Monday.

Cybergal · Jun 5, 2008

Concerns about declining demands keep oil hovering around $122 a barrel
6/5/08

BANGKOK, Thailand Oil held above $122 a barrel Thursday in Asia after dropping more than $2 overnight on worries about declining demand in the U.S. and abroad.

In its weekly inventory report, the U.S. Energy Department's Energy Information Administration said American demand for gasoline dipped 1.4 percent over the last four weeks. Meanwhile, gasoline inventories rose by 2.9 million barrels last week, more than three times the increase analysts polled by energy research firm Platts had expected.

Concerns about demand have helped pull oil down nearly 10 percent from its May 22 high of $135.09. Those concerns were exacerbated Wednesday by the EIA report and by moves by India and Malaysia to cut fuel subsidies, effectively raising their retail prices for everything from gasoline to cooking gas. Many investors believe subsidy cuts will choke off demand for fuel in the developing world.
http://www.thetrucker.com/News/Stor...ngdemandskeepoilhoveringaround122abarrel.aspx
Click to expand...

Log in or Sign up

Forums

Find Trucking Jobs

Oil dips below $124 on concern over U.S. economy

Cybergal Road Train Member

Trucking Jobs in 30 seconds

Wait, employers can't reach you!

Ronnocomot Road Train Member

Hitman Mr. Gamer

Money B Bobtail Member

Baack Road Train Member

Truckerjo Road Train Member

Ronnocomot Road Train Member

Cybergal Road Train Member

Trucking Jobs in 30 seconds

Wait, employers can't reach you!

Log in or Sign up

Useful Searches

Find Trucking Jobs

Oil dips below $124 on concern over U.S. economy

Cybergal Road Train Member

Wait, employers can't reach you!

Ronnocomot Road Train Member

Hitman Mr. Gamer

Money B Bobtail Member

Baack Road Train Member

Truckerjo Road Train Member

Ronnocomot Road Train Member

Cybergal Road Train Member

Wait, employers can't reach you!