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Oil Falls For Third Session as Investors Offload Risk

CNBC -- Oil fell for a third straight session on Wednesday, with the U.S. benchmark depressed by brimming petroleum stockpiles, as the dollar jumped and Asian equities declined on investor attempts to reduce risk exposure.

The dollar gained almost 1 percent against a basket of currencies while Japan's Nikkei average fell 2 percent on renewed concerns about European banks and the global economy, which pulled global stock markets down from one-month highs on Tuesday.

The euro was on the defensive as the latest scare over the euro zone banking system slapped it to lifetime lows against the Swiss franc and Australian dollar.

U.S. light, sweet crude [US@CL.1 73.71 -0.38 (-0.51%) ] for October fell 32 cents to $73.77 a barrel by 0013 GMT. The front-month contract pared losses on

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Submitted Sep 08, 2010 By: DoctorOH

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honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Sep 10, 2010 5:58:08 AM Ignore honda0105 Report Abuse 1988: actually big specutraitor pig banks such as Deutsche Bank are much more responsible for high prices then Washington.
honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Sep 10, 2010 5:56:10 AM Ignore honda0105 Report Abuse if it were up to specutraitors, Pig Oil and Pig Banks, crude oil would be back to twice that much.
craigsf38 Champion Author Rochester Posts:3,435 Points:1,049,815 Joined:Jun 2008	Message Posted: Sep 8, 2010 9:55:54 PM Ignore craigsf38 Report Abuse not for long the speculators will change that
1988MR2guy Champion Author California Posts:4,429 Points:718,665 Joined:Oct 2009	Message Posted: Sep 8, 2010 7:14:00 PM Ignore 1988MR2guy Report Abuse Get rid of the speculators. Get rid of the ThugOcracy in Washington. THEN you'll see prices drop!
Aserdaten Champion Author Florida Posts:2,215 Points:1,612,105 Joined:Apr 2006	Message Posted: Sep 8, 2010 7:13:49 PM Ignore Aserdaten Report Abuse Oil drops for third day in a row as several gas stations in the Daytona Beach / Central Florida area start going up a few cents per gallon !!! As so often happens, the motoring public gets screwed. So what else is new?
pulpwood Champion Author Mississippi Posts:5,631 Points:1,498,750 Joined:Sep 2006	Message Posted: Sep 8, 2010 7:12:35 PM Ignore pulpwood Report Abuse No drop at the pump here.
Hunter114 Champion Author Chicago Posts:5,552 Points:996,650 Joined:Apr 2009	Message Posted: Sep 8, 2010 7:12:19 PM Ignore Hunter114 Report Abuse If it falls for 15 straight sessions, then I'll be impressed.
Beboper Champion Author Virginia Posts:6,382 Points:1,700,790 Joined:Oct 2005	Message Posted: Sep 8, 2010 7:04:44 PM Ignore Beboper Report Abuse yea prices are still the same at the pumps
bluebird1 Champion Author Toronto Posts:13,438 Points:2,657,005 Joined:May 2004	Message Posted: Sep 8, 2010 6:55:11 PM Ignore bluebird1 Report Abuse Isn't funny Oil is still falling yet here we're still paying gas prices like when Oil was $100+/bbl back in 2008 -- its currently steady right now at $1.01+ /L for about $4.60/gal Cdn.
firechief Champion Author New York Posts:1,812 Points:1,668,720 Joined:Mar 2004	Message Posted: Sep 8, 2010 6:50:49 PM Ignore firechief Report Abuse about time
carlsonguitars Champion Author Portland Posts:4,641 Points:782,530 Joined:Jan 2008	Message Posted: Sep 8, 2010 6:45:58 PM Ignore carlsonguitars Report Abuse offload.... more like BANK IN..... At $70+ a barrel, they are making more than DOUBLE of what they should, oil should be selling between $20 to $35 a barrel, NOT DOUBLE OR TRIPLE!!!!!!!!!!! (PS, we are the ones getting ripped off!!!!)
Mr.Dirt Champion Author Albany Posts:6,776 Points:2,167,740 Joined:Mar 2004	Message Posted: Sep 8, 2010 6:44:52 PM Ignore Mr.Dirt Report Abuse and the price of gas stays the same high
suzyq2007 Champion Author Dallas Posts:5,040 Points:1,223,975 Joined:Oct 2007	Message Posted: Sep 8, 2010 6:41:39 PM Ignore suzyq2007 Report Abuse up and down it goes. it needs to stay much lower
paulydel Champion Author Delaware Posts:6,804 Points:688,845 Joined:Jan 2008	Message Posted: Sep 8, 2010 6:35:28 PM Ignore paulydel Report Abuse The oil companies are not going to let it drop to far when they are trying to get it higher.
nehemiah Champion Author Portland Posts:3,041 Points:554,040 Joined:Jul 2007	Message Posted: Sep 8, 2010 6:22:31 PM Ignore nehemiah Report Abuse still tooooooooo high
Doosie All-Star Author Anchorage Posts:786 Points:513,010 Joined:Jul 2007	Message Posted: Sep 8, 2010 6:10:15 PM Ignore Doosie Report Abuse Pump prices haven't even bothered to fall here...and I wouldn't be surprised if even with this "stockpile" our prices rose! arg
nigelb Champion Author Virginia Posts:6,304 Points:962,495 Joined:Feb 2008	Message Posted: Sep 8, 2010 6:08:59 PM Ignore nigelb Report Abuse Yawn ... just tired of waiting for these supply numbers to show up as lower prices at the pump.
Skipper52 Champion Author Massachusetts Posts:5,079 Points:1,135,225 Joined:Oct 2008	Message Posted: Sep 8, 2010 6:04:30 PM Ignore Skipper52 Report Abuse pump prices have been at 2.56 for 3 weeks now. No Changes.
jimbo1867 Champion Author Arizona Posts:3,031 Points:1,591,550 Joined:Apr 2005	Message Posted: Sep 8, 2010 6:02:27 PM Ignore jimbo1867 Report Abuse and the prices at the pump are going up .. whats wrong with this picture
Dipstick1 Champion Author Amarillo Posts:6,621 Points:1,760,110 Joined:Jan 2006	Message Posted: Sep 8, 2010 5:59:26 PM Ignore Dipstick1 Report Abuse So gas went up again.
Centaur1129 Veteran Author Virginia Beach Posts:395 Points:107,020 Joined:Jan 2010	Message Posted: Sep 8, 2010 5:51:45 PM Ignore Centaur1129 Report Abuse Yup. Here, during the Labor Day weekend, prices began creeping back up again...
Phynque Champion Author Wisconsin Posts:15,702 Points:2,462,560 Joined:Feb 2005	Message Posted: Sep 8, 2010 5:46:19 PM Ignore Phynque Report Abuse So where is the reduction at the pumps?
BrucePen Champion Author Ontario Posts:4,675 Points:977,530 Joined:Sep 2008	Message Posted: Sep 8, 2010 5:36:54 PM Ignore BrucePen Report Abuse Yet the pump price is rising.
redtruck01 Champion Author North Carolina Posts:1,085 Points:936,340 Joined:Mar 2009	Message Posted: Sep 8, 2010 5:34:53 PM Ignore redtruck01 Report Abuse My gas went up .06 today. I don't know why?
caddilac Champion Author Ontario Posts:13,806 Points:1,676,480 Joined:Apr 2007	Message Posted: Sep 8, 2010 5:25:07 PM Ignore caddilac Report Abuse It is strange that oil is dropping in price, yet gasoline here isn't dropping in price.
Bluenoser2 Champion Author Toronto Posts:9,582 Points:2,167,155 Joined:May 2003	Message Posted: Sep 8, 2010 5:25:03 PM Ignore Bluenoser2 Report Abuse Yup, that's 32%.
aarrrt Champion Author San Diego Posts:5,442 Points:1,215,190 Joined:May 2008	Message Posted: Sep 8, 2010 5:22:46 PM Ignore aarrrt Report Abuse Still $23.77 to go until it reaches the CNN $50 mark.
Bud122CA Champion Author California Posts:5,233 Points:1,149,860 Joined:Jul 2008	Message Posted: Sep 8, 2010 5:19:56 PM Ignore Bud122CA Report Abuse Great news just keep going down.
virginia52 Champion Author Alaska Posts:5,752 Points:1,132,690 Joined:May 2007	Message Posted: Sep 8, 2010 5:17:19 PM Ignore virginia52 Report Abuse Oil goes up and down and gas prices remain too high.
njerald Champion Author Seattle Posts:5,498 Points:1,170,375 Joined:Oct 2007	Message Posted: Sep 8, 2010 5:13:10 PM Ignore njerald Report Abuse Liberal CNBC is wrong again....oil was UP today!!!!!!!!!!!!!!
dpt Champion Author Michigan Posts:1,461 Points:1,814,405 Joined:Mar 2005	Message Posted: Sep 8, 2010 5:09:33 PM Ignore dpt Report Abuse Of course, 5 years ago was just after Hurricane Katrina, mberg. My local area had a few stations drop a couple cents and a few others jump five cents, but local retail prices in any given area track local competition, which doesn't always make sense compared with the national picture. There are rumors of more European bank troubles, so the euro may tank again, boosting the dollar and adding more downward pressure on oil.
toadNY Champion Author Albany Posts:4,578 Points:1,050,450 Joined:Apr 2008	Message Posted: Sep 8, 2010 5:05:59 PM Ignore toadNY Report Abuse Oil falls for third session on wednesday, an when you click on the article it went up today .58 cents.
TKDBlackBelt Champion Author Dayton Posts:3,116 Points:1,003,790 Joined:Mar 2007	Message Posted: Sep 8, 2010 5:04:54 PM Ignore TKDBlackBelt Report Abuse "Oil Falls For Third Session ..." ... and the corresponding lower gas prices remain an ever-elusive phantom
mberg Champion Author Houston Posts:1,448 Points:502,975 Joined:Aug 2010	Message Posted: Sep 8, 2010 5:02:29 PM Ignore mberg Report Abuse The price of regular gas in Texas is lower today than it was 5 years ago. I don't have any basis to complain. Lets enjoy it, because you can bet that the price will be much higher about 10 years from now. $5 gas is in our future.
MarkJM All-Star Author Little Rock Posts:957 Points:1,101,990 Joined:Oct 2005	Message Posted: Sep 8, 2010 4:59:10 PM Ignore MarkJM Report Abuse It was up again today.
tomok Champion Author Portland Posts:24,692 Points:1,882,510 Joined:Aug 2006	Message Posted: Sep 8, 2010 4:57:57 PM Ignore tomok Report Abuse Oil Falls For Third Session as Investors Offload Risk and the fuel price at the pump is way too much.
KillChain Champion Author Albuquerque Posts:4,430 Points:1,096,025 Joined:Jun 2006	Message Posted: Sep 8, 2010 4:55:27 PM Ignore KillChain Report Abuse Ok....
JerryBx7 Champion Author Virginia Beach Posts:5,698 Points:851,925 Joined:Oct 2008	Message Posted: Sep 8, 2010 4:54:52 PM Ignore JerryBx7 Report Abuse there won't be any change at the pump, there never has been a real change.
bbthegun Champion Author San Diego Posts:4,549 Points:1,266,315 Joined:Sep 2006	Message Posted: Sep 8, 2010 4:41:14 PM Ignore bbthegun Report Abuse Needs to fall to the $40-$50 range.
Gramps001 Champion Author North Carolina Posts:3,942 Points:1,041,770 Joined:Feb 2007	Message Posted: Sep 8, 2010 4:38:46 PM Ignore Gramps001 Report Abuse Oink, oink!
DarthDadJr Champion Author Virginia Posts:5,544 Points:1,123,785 Joined:Jul 2008	Message Posted: Sep 8, 2010 4:31:13 PM Ignore DarthDadJr Report Abuse The Summer is over and demand will start to fall...we should see a nice drop in the price of gas over the next month.
lgwhitlock Champion Author Chico Posts:5,150 Points:1,227,370 Joined:Jun 2008	Message Posted: Sep 8, 2010 4:31:07 PM Ignore lgwhitlock Report Abuse More speculation, at least it might bring us some relief at the pump eventually...
RapMassaG Champion Author Cincinnati Posts:1,587 Points:703,525 Joined:Oct 2008	Message Posted: Sep 8, 2010 4:30:39 PM Ignore RapMassaG Report Abuse ItisAJeepThing - I'd love to see 2.49 here. We are averaging closer to 2.70 right now. Thank you, GREEDway.
tgolf Champion Author Washington Posts:1,325 Points:337,370 Joined:Nov 2008	Message Posted: Sep 8, 2010 4:28:39 PM Ignore tgolf Report Abuse offload today .... upload tomorrow....
zeddieiv Champion Author Columbia Posts:5,651 Points:1,490,920 Joined:Oct 2006	Message Posted: Sep 8, 2010 4:23:48 PM Ignore zeddieiv Report Abuse I wish prices would follow suit.
ItisAJeepThing Champion Author Tucson Posts:15,400 Points:1,687,605 Joined:Oct 2006	Message Posted: Sep 8, 2010 4:21:24 PM Ignore ItisAJeepThing Report Abuse Reserves are up, crude prices are down but our pump price is up $0.006 per gallon of regular since yesterday at $2.490 city-wide average. Greed!
04tang Champion Author Ohio Posts:2,244 Points:494,475 Joined:Jul 2006	Message Posted: Sep 8, 2010 4:20:49 PM Ignore 04tang Report Abuse Gas prices have fallen as low as 2.49 this week.
garman87 Champion Author Austin Posts:2,363 Points:1,945,895 Joined:Aug 2005	Message Posted: Sep 8, 2010 4:19:25 PM Ignore garman87 Report Abuse No change in price here at the pump.
must87searcher Champion Author Maryland Posts:6,683 Points:1,318,455 Joined:Apr 2008	Message Posted: Sep 8, 2010 4:19:21 PM Ignore must87searcher Report Abuse The value and price of money and oil can go up and down.
kcboy Champion Author Utah Posts:2,437 Points:1,193,255 Joined:Jun 2005	Message Posted: Sep 8, 2010 4:13:31 PM Ignore kcboy Report Abuse Oil may fall but the gas pumps aren't. Gas price is $2.96