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Oil falls towards $67, focus on weak U.S. economy

The Washington Post -- LONDON (Reuters) - Swelling gasoline stocks and a far bigger than expected rise in U.S. unemployment drove oil markets down around $2 on Thursday toward $67 a barrel.

In the latest signal the economy of the world's biggest energy consumer was still struggling, data on Thursday showed U.S. employers had cut 467,000 jobs in June and the unemployment rate had risen to 9.5 percent.

U.S. crude fell $2.02 to $67.19 a barrel by 9:07 a.m. EDT. The contract settled 58 cents lower at $69.31 on Wednesday.

London Brent crude dropped by $1.78 to $67.01.

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Submitted Jul 02, 2009 By: GM

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BoerneWatch Champion Author San Antonio Posts:10,105 Points:1,480,110 Joined:Oct 2005	Message Posted: Jul 3, 2009 4:42:19 AM Ignore BoerneWatch Report Abuse If the same numbers were present 10 years ago, we would be at $10 a barrel.
Petrock Champion Author Lexington Posts:4,428 Points:1,605,455 Joined:Apr 2005	Message Posted: Jul 3, 2009 4:41:19 AM Ignore Petrock Report Abuse The price of oil goes up, the price of oil goes down. Recently it seems to want to hang out around $65 to $70 per barrel.
BM4225 Champion Author Atlanta Posts:5,486 Points:1,179,285 Joined:Aug 2006	Message Posted: Jul 3, 2009 4:39:19 AM Ignore BM4225 Report Abuse I would like it to drop back to $35 per gallon, so to support our friedly nations, like Iran, and the dictatorship of Chavez.
matifu Veteran Author Florida Posts:319 Points:79,365 Joined:Mar 2009	Message Posted: Jul 3, 2009 4:36:25 AM Ignore matifu Report Abuse Big changes are here, and unfortunately still coming
cheapertvs Champion Author Richmond Posts:5,205 Points:1,769,195 Joined:Jan 2004	Message Posted: Jul 3, 2009 4:36:05 AM Ignore cheapertvs Report Abuse And the price at the pump continues to rise.
theawesome1 Champion Author Cleveland Posts:3,662 Points:810,260 Joined:Aug 2005	Message Posted: Jul 3, 2009 4:34:46 AM Ignore theawesome1 Report Abuse Crude rates have nothing to do with pump rates. So talk pump rates not OPEC.
cheapertvs Champion Author Richmond Posts:5,205 Points:1,769,195 Joined:Jan 2004	Message Posted: Jul 3, 2009 4:34:31 AM Ignore cheapertvs Report Abuse And the price at the pump continues to rise.
SpruceGuse2 Champion Author Michigan Posts:4,898 Points:1,493,665 Joined:Mar 2006	Message Posted: Jul 3, 2009 4:34:30 AM Ignore SpruceGuse2 Report Abuse Oil falls and gas rises, so what is this all about?
Metroman Champion Author Philadelphia Posts:8,202 Points:1,647,470 Joined:Aug 2003	Message Posted: Jul 3, 2009 4:28:05 AM Ignore Metroman Report Abuse I don't see any fall still, when it goes from $70 a barrel to $40 a barrel now that would be a fall
sherlockMS Champion Author Mississippi Posts:1,349 Points:312,640 Joined:Oct 2008	Message Posted: Jul 3, 2009 4:25:43 AM Ignore sherlockMS Report Abuse oil prices need to keep going down
harleydoctor Champion Author Kansas Posts:2,500 Points:967,905 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:22:40 AM Ignore harleydoctor Report Abuse Would love to see a downward spiral trend......
JadeKY Champion Author Louisville Posts:3,796 Points:755,655 Joined:May 2008	Message Posted: Jul 3, 2009 4:20:58 AM Ignore JadeKY Report Abuse Demand down, oil down and the greedy B@#T@#DS here spike the pump prices 20 cents for nothing but holiday greed! Prices went from 2.55 to 2.75 since Tuesday. Still 2.55 in neighboring counties. This is wrong, stop it!
Gas Slave Champion Author Lansing Posts:3,299 Points:776,820 Joined:Jul 2004	Message Posted: Jul 3, 2009 4:20:35 AM Ignore Gas Slave Report Abuse If it comes down to ability to pay, these prices will be falling, especially with unemployment as high as it is.
leeso1 Champion Author San Diego Posts:2,675 Points:442,030 Joined:May 2009	Message Posted: Jul 3, 2009 4:12:34 AM Ignore leeso1 Report Abuse yada yada yada
mazdaboy Champion Author Portland Posts:3,037 Points:1,139,175 Joined:Aug 2003	Message Posted: Jul 3, 2009 4:10:23 AM Ignore mazdaboy Report Abuse Guess it comes down to our ability to pay. The more we make the more we pay.
goldseeker Champion Author West Virginia Posts:12,910 Points:1,748,340 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:06:29 AM Ignore goldseeker Report Abuse Look out when the economy rights itself.
Mark929 Champion Author Oakland Posts:3,185 Points:623,260 Joined:Jul 2008	Message Posted: Jul 3, 2009 4:01:00 AM Ignore Mark929 Report Abuse I agree on the weak economy.
garthfanok1 Veteran Author Indiana Posts:404 Points:98,935 Joined:Jan 2004	Message Posted: Jul 3, 2009 3:54:15 AM Ignore garthfanok1 Report Abuse price is going up here. theres about a .18 cent diffrence in the state.
twobroke61 Champion Author Michigan Posts:3,463 Points:624,710 Joined:Sep 2008	Message Posted: Jul 3, 2009 3:48:25 AM Ignore twobroke61 Report Abuse they need too lower the price of gas so that the people on unemployment can afford too go look for work besides that unemployment rate is for those who are currently drawing it not the ones that have already run out and still do not have jobs
mandoid Champion Author Colorado Springs Posts:2,894 Points:616,730 Joined:May 2008	Message Posted: Jul 3, 2009 3:45:09 AM Ignore mandoid Report Abuse i remember a buck fifty a gallon.
Number43 Champion Author Lexington Posts:3,527 Points:682,125 Joined:Oct 2008	Message Posted: Jul 3, 2009 3:39:53 AM Ignore Number43 Report Abuse I agree with you eromitlab.......The price should be about $ 1.50 a gal.
eromitlab Champion Author Huntsville Posts:4,028 Points:822,690 Joined:May 2008	Message Posted: Jul 3, 2009 3:36:31 AM Ignore eromitlab Report Abuse Yup, economy still blows, no one can afford to go anywhere... so naturally, gas prices stay where they are or even go up, rather than fall due to reduced demand. Yeah, makes sense.
FASTR1 Champion Author Michigan Posts:5,285 Points:841,520 Joined:May 2007	Message Posted: Jul 3, 2009 3:18:25 AM Ignore FASTR1 Report Abuse Yeah, and gas prices jumped 10 cents yesterday.
vibdata Champion Author Massachusetts Posts:1,767 Points:387,495 Joined:Nov 2005	Message Posted: Jul 3, 2009 3:01:23 AM Ignore vibdata Report Abuse Up it creeps. Ovenight. While the world sleeps.
mvosevich Champion Author St. Louis Posts:4,326 Points:875,455 Joined:Aug 2004	Message Posted: Jul 3, 2009 3:01:14 AM Ignore mvosevich Report Abuse Bottom line is use and demand are much lower than expected. Now a new trend is here to stay because people know the effects of conservation on prices.
gass12 Champion Author Omaha Posts:3,636 Points:1,344,490 Joined:Oct 2005	Message Posted: Jul 3, 2009 2:57:39 AM Ignore gass12 Report Abuse When the market closed today oilwas at 66.76.
carlsonguitars Champion Author Portland Posts:4,239 Points:701,800 Joined:Jan 2008	Message Posted: Jul 3, 2009 2:55:08 AM Ignore carlsonguitars Report Abuse oil should be around $30 a barrel.... that's all I have to say about that.
granitestater Champion Author New Hampshire Posts:4,116 Points:639,500 Joined:Oct 2008	Message Posted: Jul 3, 2009 2:51:58 AM Ignore granitestater Report Abuse remember, people! this is for futures--delivery is two months away. gas at the pump now is from two months ago...
HawaiianGuy Champion Author Idaho Posts:4,611 Points:2,114,395 Joined:May 2003	Message Posted: Jul 3, 2009 2:51:24 AM Ignore HawaiianGuy Report Abuse So, where are all the doomsayers who trumpeted each month's job losses when Bush was still in office? Funny how they're strangely silent now that the Messiah has taken over the reins. Now why would that be?
MDTDriver Champion Author California Posts:4,987 Points:1,194,515 Joined:Jul 2006	Message Posted: Jul 3, 2009 2:46:23 AM Ignore MDTDriver Report Abuse And as awasy pump price will not show the drop untill the July 4,is over if we are lucky. But do not count on that either.
915Chief Champion Author San Diego Posts:3,655 Points:717,000 Joined:Aug 2008	Message Posted: Jul 3, 2009 2:30:03 AM Ignore 915Chief Report Abuse Keep it dropping...
judgemobile Champion Author Ohio Posts:2,766 Points:1,489,985 Joined:Nov 2005	Message Posted: Jul 3, 2009 2:29:54 AM Ignore judgemobile Report Abuse O'Bummer promised 5 million NEW JOBS...since he took office, over 6 million jobs have been LOST. He promised unemployment rate would not increase beyond EIGHT percent NATIONALLY...it is now 9.5 and virtually all experts say TEN percent is coming, with many states like Michigan already far higher. He promised openness and transparency, yet he is paying lawyers hundreds of thousands to PREVENT anyone from seeing his Hawaiian LONG FORM birth certificate which would PROVE he is eligible (or not) to hold the office of President (That certificate posted on a web site is not even accepted as proof for ANYTHING by the State of Hawaii). Long form lists name of HOSPITAL and has name of DOCTOR that delivered the baby. NO DOCTOR has ever come forward claiming to have delivered him, and his own grandmother states she WAS PRESENT at the hospital in Mombassa, KENYA when he was born. Is this really the CHANGE you wanted when you went to the polls last November ?
saveongasNC Champion Author North Carolina Posts:3,292 Points:726,600 Joined:Aug 2008	Message Posted: Jul 3, 2009 2:25:44 AM Ignore saveongasNC Report Abuse That is good!
Slyguy1060 Champion Author Michigan Posts:6,545 Points:1,257,200 Joined:Feb 2007	Message Posted: Jul 3, 2009 2:25:08 AM Ignore Slyguy1060 Report Abuse It would be nice if gas prices went down too, it's odd how in southern lower Michigan they are 2.49 and in northern Michigan they jumped the prices to 2.69 in time for the holiday weekend and cherry festival in Traverse City. Let's stick it to the traveling public.
SurreySidekick Veteran Author Vancouver Posts:282 Points:138,765 Joined:Jun 2009	Message Posted: Jul 3, 2009 2:20:13 AM Ignore SurreySidekick Report Abuse Thats the way ah huh ah huh.... DOWN.
ChannelIslands Champion Author Ventura Posts:4,728 Points:629,410 Joined:Dec 2008	Message Posted: Jul 3, 2009 2:19:48 AM Ignore ChannelIslands Report Abuse Nice!
findcheap Champion Author Los Angeles Posts:4,678 Points:1,036,615 Joined:Apr 2007	Message Posted: Jul 3, 2009 2:18:10 AM Ignore findcheap Report Abuse same bs. Had nothing to do with the news; normal trading of futures
blink25 All-Star Author Missouri Posts:783 Points:211,240 Joined:Nov 2008	Message Posted: Jul 3, 2009 2:09:58 AM Ignore blink25 Report Abuse Keep on falling and now if only the pump prices would follow suit,,,,of course supply and demand should play a bigger part in that ,,,,but those of us living in the real world,,,know that just isnt so....
Woodbankgasguy Champion Author Alabama Posts:2,309 Points:121,960 Joined:Nov 2008	Message Posted: Jul 2, 2009 9:45:58 PM Ignore Woodbankgasguy Report Abuse truck193 in Michigan wrote <let me see, my calculator must be broke, crude closed at $66.73 per barrel but the price of gas at the pump went up. I guess I will have to go wal-mart and buy a new one.> well, perhaps so, but in Michigan the average price is now down 28 cents in past 27 days. be happy!
Woodbankgasguy Champion Author Alabama Posts:2,309 Points:121,960 Joined:Nov 2008	Message Posted: Jul 2, 2009 9:43:16 PM Ignore Woodbankgasguy Report Abuse TXGasPriceSpy in Fort Worth wrote <Down today and back up next Monday. You know how it is. The greedy speculators won't let it go down very far.> but Ft Worth is not up & down right now. Fairly steady decline for 2 weeks now - a total of 10 cents. be happy. buy where it's cheap!
bigmaninarig Champion Author St. Louis Posts:3,078 Points:539,715 Joined:Jul 2008	Message Posted: Jul 2, 2009 9:15:19 PM Ignore bigmaninarig Report Abuse LET IT FALL!!!
TXGasPriceSpy Champion Author Fort Worth Posts:2,696 Points:506,470 Joined:Sep 2008	Message Posted: Jul 2, 2009 9:07:24 PM Ignore TXGasPriceSpy Report Abuse Down today and back up next Monday. You know how it is. The greedy speculators won't let it go down very far.
dhnbBUG Champion Author Pennsylvania Posts:2,621 Points:732,805 Joined:Apr 2008	Message Posted: Jul 2, 2009 9:04:01 PM Ignore dhnbBUG Report Abuse Gas prices in South Central PA / North Central MD are slowly going down.
Woodbankgasguy Champion Author Alabama Posts:2,309 Points:121,960 Joined:Nov 2008	Message Posted: Jul 2, 2009 9:03:23 PM Ignore Woodbankgasguy Report Abuse djhobo in Oklahoma City wrote <Not affecting pump prices here.> well, something is affecting it; the average price in OK City has dropped 17 cents in 14 days. not bad! I don't understand what data you're looking at, since GasBuddy disagrees so much with your observation.
truck193 Veteran Author Michigan Posts:369 Points:318,020 Joined:May 2007	Message Posted: Jul 2, 2009 9:01:29 PM Ignore truck193 Report Abuse let me see, my calculator must be broke, crude closed at $66.73 per barrel but the price of gas at the pump went up. I guess I will have to go wal-mart and buy a new one.
KeepEyesOpen Rookie Author San Diego Posts:96 Points:702,370 Joined:Jun 2008	Message Posted: Jul 2, 2009 8:58:25 PM Ignore KeepEyesOpen Report Abuse The economy hasn't improved that much this year, why are we still paying almost twice as much as the low from about 7~8 months ago?
grandamgt1 Veteran Author Illinois Posts:423 Points:408,035 Joined:Apr 2008	Message Posted: Jul 2, 2009 8:57:17 PM Ignore grandamgt1 Report Abuse whatever happened to the stimulus, wasnt it supposed to keep unemployment below 8%? (sounded good at the time i guess)
purvismike Champion Author Wisconsin Posts:1,495 Points:301,910 Joined:Feb 2008	Message Posted: Jul 2, 2009 8:54:36 PM Ignore purvismike Report Abuse Sometimes I feel like a nut sometimes I don't.
GaryG7 Champion Author New Jersey Posts:8,925 Points:1,738,600 Joined:Aug 2005	Message Posted: Jul 2, 2009 8:52:44 PM Ignore GaryG7 Report Abuse Reporters only report things, they don't know enough to understand facts and come to a conclusion on their own.
kellerman Champion Author Maine Posts:1,773 Points:544,040 Joined:Jan 2009	Message Posted: Jul 2, 2009 8:49:40 PM Ignore kellerman Report Abuse for now
paulydel Champion Author Delaware Posts:4,239 Points:467,805 Joined:Jan 2008	Message Posted: Jul 2, 2009 8:48:26 PM Ignore paulydel Report Abuse Oil prices per barrel fall along with the US dollar getting weaker.
w4kh Champion Author Riverside Posts:6,881 Points:1,279,445 Joined:May 2004	Message Posted: Jul 2, 2009 8:45:49 PM Ignore w4kh Report Abuse What a crock!!! Just the other day these so-called "reporters" and "analysts" said the price fell because the dollar was stronger... now they say the price is falling because the economy is weakening... Can we find some "reporters" and "analysts" who have a clue? Don't know where we can find them, but somewhere someone must have a clue and be willing to tell us the truth - yes, Mr Nickleson, we can handle the truth!