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Author	Topic: Crude Falls First Time in Three Days on European Debt	Post a Reply Back to Topics

GasPasserAB Champion Author Edmonton Posts:25,006 Points:886,125 Joined:Apr 2010	Message Posted: Jun 18, 2012 10:20:40 AM Ignore GasPasserAB Report Abuse Oil dropped for the first time in three days on concern that the worsening European debt crisis will slow global economic growth and reduce demand for crude. Prices dropped as much as 2.4 percent as Spanish borrowing costs rose to a euro-era high. More Spanish loans went unpaid in April, Bank of Spain data showed, suggesting the country’s recession is forcing more companies and consumers into default. The weekend elections in Greece eased concern the country may exit the euro. “Although the Greek news was positive, people are more concerned now about Spain,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “There is a bearish economic contagion in Europe and it’s essentially bringing prices down.” Visit Bloomberg for full article

GasPasserAB

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Message Posted: Jun 18, 2012 10:20:40 AM

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Oil dropped for the first time in three days on concern that the worsening European debt crisis will slow global economic growth and reduce demand for crude.

Prices dropped as much as 2.4 percent as Spanish borrowing costs rose to a euro-era high. More Spanish loans went unpaid in April, Bank of Spain data showed, suggesting the country’s recession is forcing more companies and consumers into default. The weekend elections in Greece eased concern the country may exit the euro.

“Although the Greek news was positive, people are more concerned now about Spain,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “There is a bearish economic contagion in Europe and it’s essentially bringing prices down.”

Visit Bloomberg for full article

REPLIES (newest first)Ignore Short Messages

WalRus49 Champion Author Boston Posts:4,070 Points:867,890 Joined:Nov 2010	Message Posted: Jun 18, 2012 11:48:23 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage.............
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Jun 18, 2012 7:28:49 PM Ignore dh0770 Report Abuse Don't you love the recycled b.s.
pumaMN Champion Author Minnesota Posts:1,553 Points:337,015 Joined:Aug 2011	Message Posted: Jun 18, 2012 4:58:18 PM Ignore pumaMN Report Abuse ok
Night Owl Champion Author Toronto Posts:7,545 Points:1,785,625 Joined:Jul 2004	Message Posted: Jun 18, 2012 4:09:53 PM Ignore Night Owl Report Abuse Keep falling. Oil prices are still way too high thanks to greedy oil speculators.
djvanbeek45 Sophomore Author Twin Cities Posts:175 Points:557,640 Joined:Sep 2010	Message Posted: Jun 18, 2012 3:13:57 PM Ignore djvanbeek45 Report Abuse Funny thing, prices at the pump in many places are more than $1.00 above the wholesale price! What a complete scam!
ktbaeohana Champion Author Las Vegas Posts:2,301 Points:421,775 Joined:Mar 2010	Message Posted: Jun 18, 2012 3:04:26 PM Ignore ktbaeohana Report Abuse watch and see.
TripleHs Champion Author Austin Posts:3,355 Points:916,490 Joined:Oct 2009	Message Posted: Jun 18, 2012 2:18:36 PM Ignore TripleHs Report Abuse continue falling
tnfran Champion Author Arizona Posts:4,378 Points:842,190 Joined:Dec 2010	Message Posted: Jun 18, 2012 2:00:04 PM Ignore tnfran Report Abuse Good but not enough yet.
Nicoalbum Champion Author Ottawa Posts:6,015 Points:1,187,900 Joined:Jan 2010	Message Posted: Jun 18, 2012 1:58:13 PM Ignore Nicoalbum Report Abuse We do not know much about Greece yet.
thizben All-Star Author Phoenix Posts:605 Points:283,795 Joined:May 2011	Message Posted: Jun 18, 2012 1:22:20 PM Ignore thizben Report Abuse How's that austerity working out for you?
sedonaJ All-Star Author Arizona Posts:616 Points:197,670 Joined:Mar 2012	Message Posted: Jun 18, 2012 1:01:34 PM Ignore sedonaJ Report Abuse Let it drop drop drop to the bottom which is what or how much?
vnany Sophomore Author Fort Worth Posts:104 Points:570,940 Joined:Dec 2010	Message Posted: Jun 18, 2012 12:34:02 PM Ignore vnany Report Abuse Can Europe get back on track? Seems like the countries are taking turn on who can make a late payment.
ObieDog Champion Author Maryland Posts:1,961 Points:850,620 Joined:Sep 2010	Message Posted: Jun 18, 2012 12:16:01 PM Ignore ObieDog Report Abuse Hopefully, that was just a breather before some more dropping.
jodybull All-Star Author El Paso Posts:767 Points:140,880 Joined:May 2012	Message Posted: Jun 18, 2012 12:01:34 PM Ignore jodybull Report Abuse Much ado....about "nothing???"
OHMS Champion Author Orange County Posts:13,712 Points:1,690,905 Joined:May 2005	Message Posted: Jun 18, 2012 11:51:59 AM Ignore OHMS Report Abuse EU gasoline prices would contribute to debt anywhere it was imposed; POTUS.
K9LO Champion Author North Dakota Posts:2,680 Points:543,005 Joined:Nov 2010	Message Posted: Jun 18, 2012 11:19:49 AM Ignore K9LO Report Abuse keep crude going down
humblepie Champion Author Toledo Posts:34,165 Points:2,370,395 Joined:Mar 2006	Message Posted: Jun 18, 2012 11:19:03 AM Ignore humblepie Report Abuse all of europe is a mess
Tehbob Champion Author California Posts:2,286 Points:455,655 Joined:Jan 2012	Message Posted: Jun 18, 2012 10:55:18 AM Ignore Tehbob Report Abuse yeah
FPLREP Champion Author Virginia Posts:8,256 Points:2,447,275 Joined:Oct 2005	Message Posted: Jun 18, 2012 10:52:32 AM Ignore FPLREP Report Abuse Poor speculators were betting on the Greeks passing on austerity...so sad.
jorobins538 Champion Author Chicago Posts:4,732 Points:638,320 Joined:Sep 2009	Message Posted: Jun 18, 2012 10:49:07 AM Ignore jorobins538 Report Abuse too bad - so sad.
bluebird1 Champion Author Toronto Posts:15,730 Points:3,107,150 Joined:May 2004	Message Posted: Jun 18, 2012 10:47:29 AM Ignore bluebird1 Report Abuse This is good news only if gas moves down....here last 2 changes have been up - despite each predicting 2 days in advance it would go down. Something 'fishy in Denmark', but actually its Toronto.
amoshins Champion Author Trenton Posts:2,190 Points:640,670 Joined:Apr 2011	Message Posted: Jun 18, 2012 10:40:42 AM Ignore amoshins Report Abuse wonder if the trend is going higher.