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    Oil below $97 amid mixed US demand signs

    By PABLO GORONDI | Associated Press – Thu, Feb 2, 2012

    Oil prices fell below $97 a barrel Thursday amid mixed signs about the strength of crude demand in the U.S., the world's largest economy.

    By early afternoon in Europe, benchmark crude for March delivery was down $1.05 to $96.56 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to settle at $97.61 on Wednesday.

    In London, Brent crude rose 21 cents to $111.77 a barrel on the ICE Futures exchange.

    A jump of U.S. crude inventories last week by 4 million barrels suggested oil consumption is sluggish. However, factories raised output in January by the most in seven months, the Institute for Supply Management said Wednesday while the Commerce Department said construction spending rose 1.5 percent in December, the fifth straight monthly gain.

    Analysts noted the divergence between Nymex and Brent, with the American contract falling because of rising inventories and the European contract boosted by uncertainty over sanctions and the diplomatic standoff with Iran, as well as the 10-month uprising against the regime in Syria.

    "It is becoming clear that there are no supply shortages at the moment and that the price of Brent is mainly being supported by a risk premium," said a report from analysts at Commerzbank in Frankfurt.

    Oil prices have hovered near $100 for the last few months amid mixed economic signs from the U.S., Europe and Asia. Some analysts expect crude to begin to rise as the global economy may grow more this year than previously expected.

    "The crude oil price has become stuck in a remarkably extended period of narrow sideways trading," Barclays Capital said in a report. "However, the market is now likely to start to position for an upside break based on a greater degree of relaxation about macroeconomic prospects."

    In other energy trading, heating oil was nearly flat at $3.045 per gallon and gasoline futures were fell 1.95 cents to $2.8727 per gallon. Natural gas lost 0.3 cent to $2.377 per 1,000 cubic feet.

    ___

    Alex Kennedy in Singapore contributed to this report.

     

    31 comments

    • Steve-O in AZ
      Steve-O in AZ  •  Sierra Vista, Arizona  •  3 mths ago
      Amazing! When oil was at 150 dollars a barrel, I was paying 3.65 at the pump. Oil is at 97 dollars a barrel, and I am paying 3.35 at the pump. Who in the hell can explain this? I am #$%$ serious. Who sets the price?
      • tmad890
        tmad890 3 mths ago
        Exactly what I have been saying! and mad about!! this is clearly price gouging, and I don't care what a congressional commity on the issue will say or not say, they are a bunch of bought out lying crooks! getting really sick of this crap!! good post Steve-o
      • Truth Does Matter
        Truth Does Matter 3 mths ago
        The Rockefeller #$%$ have complete control of the oil market--yes, a monopoly. They determine the cost, and thus, the price we pay at the pump.
    • Thomas
      Thomas  •  3 mths ago
      The price of oil is created by speculators who buy it on paper and never touch it. They are an unnecessary middleman that needs to be eliminated. The actual gas prices are created again by speculators who find ways to manipulate the price in their favor. They are a threat to our national security as a nation and should be eliminated from the market.
    • steve
      steve  •  3 mths ago
      We now know the truth.
      The big lie from the GOP has been that we need to drill more and more all over our lands and waters! The GOP likes to scare us and make us believe that more drilling and pollution will make us all nice and cozy and "independent" from foreign oil!
      Lie!
      Big Oil has been EXporting more of our own oil to foreign markets like China than this country IMports!
      They do it .... for MONEY!
      And the GOP wants them to make even MORE money! That's the real story behind this ridiculous Keystone pipeline scam!
      • Truth Does Matter
        Truth Does Matter 3 mths ago
        As though the article writers are going to tell the truth... They're not allowed to do that.
    • tmad890
      tmad890  •  Benton Harbor, Michigan  •  3 mths ago
      Oil prices have stayed steady for about three to four monthes, around 99 to 100 dollars, yet gas prices spiked and fell at the will of the oil companies that own them. now that oil is at $96, I see nothing changing soon.. Congress needs to stop allowing these crooks from price gouging, or we should send a clear messege in the election and get rid of them all! enough is enough! all these lying crooks need to go!
      • Truth Does Matter
        Truth Does Matter 3 mths ago
        The crooks you're referring to are the Rothschild agents, the Rockefeller #$%$ who control the oil market. They determine what we pay.
    • FupBob
      FupBob  •  Fayetteville, North Carolina  •  3 mths ago
      That's why Gas went up 10 cent last nite...
    • michael
      michael  •  Queensbury, New York  •  3 mths ago
      Its the rich who MAKE the rules and laws to KEEP themselves rich. The candidates,congress,anybody political all have a hand in the oil companies pocket. Thats why you don't see anything done about it, even though in my book, it should be problem number 1, but the rich don't read or care about my book,just screwing us and taking our money is ALL that they do and they love it.
      • Berkeley
        Berkeley 3 mths ago
        captial accumulates, yes. isnt that your goal too?
    • Who Knows
      Who Knows  •  3 mths ago
      If Oil price is down then why on earth did a gallon of gas go from $2.99 to $3.59 in less than a month.............
    • hen
      hen  •  Cleveland, Georgia  •  3 mths ago
      something as important to the world economy should not be treated like a commodity.
    • Guymar Dudikoff
      Guymar Dudikoff  •  3 mths ago
      Oh look, reality intruding again. Somewhere, there's an oil speculator crying tears of remorse in his champagne that he won't be able to sell at 110 a barrel. The thing these peons never understood after 2008 is that if you jack gas up too high, people don't buy it unless they absolutely have to, and if the pump is any indication, we're not far off from that level. I've had to drive all over this month and I haven't been filling more than half a tank because of the price
    • Richard
      Richard  •  Charlotte, North Carolina  •  3 mths ago
      oil is down but the new EPA regulations will cause significant increase in gas prices. Remember Al Gore and the radical environmentalist advocate a $5.00 per gallon gas price to reduce gas consumption. That's why we don't tap the huge oil reserves in the US. These idiots seem to forget that with the higher prices peoples disposable cash goes in the tank and leaves nothing for other purchases which creates a cascading affect of closing business and increased layoff. What happened to comprise and finding a way that benefits both the economy and the environment.
    • Terrible
      Terrible  •  3 mths ago
      $97/barrel ?? Why the #$%$ am I still paying $3.50/gal. at the pump ??
    • Bob E
      Bob E  •  3 mths ago
      Yeah, yeah, yeah - meanwhile, gas in East Hampton, LI is over $4.00 per gallon.
    • Truth Does Matter
      Truth Does Matter  •  Miami, Florida  •  3 mths ago
      It matters not what is the demand for oil, or how much they say it costs per barrel, the Rockefeller #$%$ control the oil market and determine how much we pay.
    • SRV
      SRV  •  3 mths ago
      THESE RIGHT WING DIPSHIT OIL TRADERS ARE FUNNY.
    • Berkeley
      Berkeley  •  Fair Oaks, California  •  3 mths ago
      we really do not need speculators. and since oil is such a strategic commodity around the world, lets just outlaw them.
    • The ancient one
      The ancient one  •  Livingston, New Jersey  •  3 mths ago
      I'd like to know what the real relation is between the price of crude and the price at the pump. If it was simple economics,even in futures, the price verses cost should be a constant. However, pump prices are all over the place no matter what the cost of crude is. The are several gas stations within a square mile of my house and each is posting a different price for regular nonleaded. Does anyone know the formula?
      • f l
        f l 3 mths ago
        There is no relationship...according to the oil companies ..unless it's to their advantage..Price per barrel goews up means price at the pump goes up..Price per barrel goes down..means nothing..
      • Berkeley
        Berkeley 3 mths ago
        related, not constant. wrong theory. Futures are the problem not the solution. just try to valuate a derivitive.
    • James
      James  •  Dallas, Texas  •  3 mths ago
      Good now lower the price per gallon
    • jkeyner
      jkeyner  •  Los Angeles, California  •  3 mths ago
      Wake me when it hits $30, then I will believe the price will reflect the cost.
    • Edward Morrow
      Edward Morrow  •  Eureka, California  •  3 mths ago
      And yet gas prices in California rose another 10 cents yesterday to $4.29 a gallon.
    • Steven
      Steven  •  Wallingford, Connecticut  •  3 mths ago
      Take the oil out of the stock market so we poor people can pay $0.99 a gallon like 1988
      oil companies ore stealing hard earned cash for thier billions in profits
      exxon mobil claims 19 billion in profits in 3 months
      if there is a natral disaster then yes go up on gas and the profits go to the property owners and towns so they can rebuild. tornado,hurricanes,exc not to bail out banks they are also thieves
     Post a comment
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