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Oil hovers above $66 after weak jobs data

The Associated Press -- Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.

By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.

Trading in the U.S. is closed Friday for the Independence Day holiday.

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Submitted Jul 03, 2009 By: GM

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City1997 Champion Author Toronto Posts:2,831 Points:610,515 Joined:Aug 2008	Message Posted: Jul 5, 2009 10:03:02 AM Ignore City1997 Report Abuse The US$66 for crude is considered a bit expnesive and hopefully it will go down further to US$62 a barrel.
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:21:02 AM Ignore honda0105 Report Abuse and if the futures market doesn't drive prices up, Big Oil will definitely make more record profits at the pump.
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:20:26 AM Ignore honda0105 Report Abuse we know speculators will prevent it from slipping that far.
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:19:53 AM Ignore honda0105 Report Abuse Gee_NY: we can hope... doubt it'll happen
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:01:12 AM Ignore honda0105 Report Abuse in the meantime, reduce, reuse, recycle and think if you really need to drive or can walk (helps to shed a few ounces of weight before the holiday feast too!)
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:00:32 AM Ignore honda0105 Report Abuse hope them specul-traitors all get burned.
honda0105 Champion Author Tallahassee Posts:10,150 Points:591,800 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:00:12 AM Ignore honda0105 Report Abuse well, the roller coaster continues.
LoneStarFX Champion Author Austin Posts:6,777 Points:1,289,425 Joined:Mar 2005	Message Posted: Jul 4, 2009 4:13:49 AM Ignore LoneStarFX Report Abuse v
CISA Champion Author Orange County Posts:1,919 Points:644,340 Joined:Dec 2006	Message Posted: Jul 4, 2009 3:53:40 AM Ignore CISA Report Abuse WhThe US dollar's decline will outweigh demand in the short run. Should hte US dollar continue to rise, as it has in the last couple weeks, then oil will drop, as will gas prices and the US stock markets.
SurreySidekick Veteran Author Vancouver Posts:282 Points:138,765 Joined:Jun 2009	Message Posted: Jul 4, 2009 3:29:32 AM Ignore SurreySidekick Report Abuse Honestly the oil prices dropped more than 50% compared to last Summer but our gas pricing haven't drop 50% yet ..........
PenDoctrJD Champion Author Orange County Posts:6,538 Points:1,984,585 Joined:Aug 2001	Message Posted: Jul 4, 2009 3:23:18 AM Ignore PenDoctrJD Report Abuse At this moment, it is at $65.63. Bloomberg.com
findcheap Champion Author Los Angeles Posts:4,468 Points:995,065 Joined:Apr 2007	Message Posted: Jul 4, 2009 3:21:00 AM Ignore findcheap Report Abuse price is controlled by futures traders. supply & demand does not control market for the most part
LuvEd08 All-Star Author Georgia Posts:784 Points:169,975 Joined:Apr 2008	Message Posted: Jul 4, 2009 3:16:43 AM Ignore LuvEd08 Report Abuse With barrel prices tumbling, how soon before we see the change at the pump?
NavyStore Champion Author Seattle Posts:2,526 Points:1,148,785 Joined:Aug 2005	Message Posted: Jul 4, 2009 3:15:43 AM Ignore NavyStore Report Abuse Cut out the speculators and it won't matter.
spike1zz Champion Author Indiana Posts:4,727 Points:606,995 Joined:Oct 2008	Message Posted: Jul 4, 2009 3:12:01 AM Ignore spike1zz Report Abuse We are just puppets
dano50 Champion Author Riverside Posts:3,112 Points:646,705 Joined:Jul 2008	Message Posted: Jul 4, 2009 3:08:54 AM Ignore dano50 Report Abuse No jobs means no money means don't buy much gas.
cheapertvs Champion Author Richmond Posts:4,984 Points:1,726,670 Joined:Jan 2004	Message Posted: Jul 4, 2009 3:07:52 AM Ignore cheapertvs Report Abuse And the price at the pump continues to rise.
eye-spy All-Star Author Quebec Posts:665 Points:1,432,175 Joined:Feb 2005	Message Posted: Jul 3, 2009 8:30:30 PM Ignore eye-spy Report Abuse I totally agree with "netman044" I hope that the greedy speculators on Wall Street lose their shirts!!
Soulplayez Veteran Author Oakland Posts:434 Points:848,940 Joined:Aug 2006	Message Posted: Jul 3, 2009 8:29:27 PM Ignore Soulplayez Report Abuse I doubt consumers will benefit from this.
danny999 Champion Author Florida Posts:3,502 Points:622,705 Joined:Oct 2008	Message Posted: Jul 3, 2009 8:23:03 PM Ignore danny999 Report Abuse BUY ON RUMOR AND SELL OFF ON FACTS. HOPE SPECULATORS GOT SHORTS IN A WEDGE ON THIS ONE.
Muke Champion Author Virginia Beach Posts:2,773 Points:703,810 Joined:Jun 2007	Message Posted: Jul 3, 2009 8:14:15 PM Ignore Muke Report Abuse It will go down. Economic recovery was over exaggerated and really economy is not in recovery but bottoming down. More layoffs are hitting the consumers.
Hazelnut Champion Author Greensboro Posts:1,818 Points:735,595 Joined:Sep 2003	Message Posted: Jul 3, 2009 8:14:08 PM Ignore Hazelnut Report Abuse People lost their jobs and they are tightening their belts. That is the way demand works. They are not buying much. Then these speculators tried to catch the wave on a hint that the recession may be over. WRONG! It is their pocketbooks that will have to feed the people who lost their jobs.
hwnguy Champion Author Honolulu Posts:2,865 Points:614,735 Joined:Apr 2008	Message Posted: Jul 3, 2009 8:14:06 PM Ignore hwnguy Report Abuse can't win
netman044 Champion Author Texas Posts:3,775 Points:634,160 Joined:Sep 2005	Message Posted: Jul 3, 2009 8:13:57 PM Ignore netman044 Report Abuse I've been preaching for the last 3 months that there is no reason except speculation and greed for crude to be as high as it is.
Valricoslash Champion Author Tampa Posts:1,609 Points:360,070 Joined:Nov 2008	Message Posted: Jul 3, 2009 8:10:59 PM Ignore Valricoslash Report Abuse O guess less employment means people are driving less. It funny, however that another report by Mastercard said we are driving more. Who is correct? Its all smoke and mirrors. They all charge what the market will bear, which is more often than not neighborhood driven.
Bussman Champion Author Dallas Posts:1,627 Points:489,405 Joined:Nov 2008	Message Posted: Jul 3, 2009 8:05:54 PM Ignore Bussman Report Abuse We should be at the yearly high during July price wise all things being status quo.
Jojavo All-Star Author London Posts:593 Points:121,465 Joined:Apr 2009	Message Posted: Jul 3, 2009 8:05:41 PM Ignore Jojavo Report Abuse Prices have not dropped in this region... "GREED, GREED, GREED"....
MissRita Champion Author Austin Posts:1,040 Points:423,790 Joined:Feb 2008	Message Posted: Jul 3, 2009 8:03:58 PM Ignore MissRita Report Abuse up down and all around.
nyamar Sophomore Author Tucson Posts:237 Points:167,570 Joined:Jun 2009	Message Posted: Jul 3, 2009 8:02:14 PM Ignore nyamar Report Abuse Don't really see what jobs data matters to oil. It's been pretty bad for a while now, not really a surprise for the market...
pliskin Champion Author Syracuse Posts:3,076 Points:941,955 Joined:Apr 2005	Message Posted: Jul 3, 2009 8:00:20 PM Ignore pliskin Report Abuse Can of the everyday American public really keep up with market? Not when it's this wild!
dollarwatcher Champion Author Wisconsin Posts:2,806 Points:524,150 Joined:Mar 2007	Message Posted: Jul 3, 2009 7:44:27 PM Ignore dollarwatcher Report Abuse Such a crazy market. It's entertaining to follow.
BornToulouse Veteran Author Georgia Posts:411 Points:71,315 Joined:Jul 2009	Message Posted: Jul 3, 2009 7:40:51 PM Ignore BornToulouse Report Abuse All I can do is continue to invest in Exxon Mobile (XOM) in my Scottrade account...as I continue to shop for the lowest regular gas price per gallon. It's all I can do.
96sc1 Champion Author El Paso Posts:5,395 Points:697,955 Joined:Mar 2008	Message Posted: Jul 3, 2009 7:37:32 PM Ignore 96sc1 Report Abuse Why is unemployment still rising? I thought the fix was in.
Bubba44612 Champion Author Ohio Posts:2,466 Points:877,375 Joined:Aug 2005	Message Posted: Jul 3, 2009 7:32:02 PM Ignore Bubba44612 Report Abuse Should be $20 a barrel and then maybe people would get back to work sooner.
bbreff Champion Author Atlanta Posts:4,974 Points:1,599,520 Joined:Jun 2005	Message Posted: Jul 3, 2009 7:30:14 PM Ignore bbreff Report Abuse When is oil going to drop another $30?
tom11743 Champion Author North Carolina Posts:1,740 Points:420,270 Joined:May 2005	Message Posted: Jul 3, 2009 7:29:28 PM Ignore tom11743 Report Abuse Now to see a downward trend at the pumps ........
SeerLV Champion Author Las Vegas Posts:3,301 Points:679,060 Joined:Jun 2008	Message Posted: Jul 3, 2009 7:25:07 PM Ignore SeerLV Report Abuse Oil should be lower
winggnutt Champion Author Detroit Posts:6,332 Points:1,426,900 Joined:Aug 2005	Message Posted: Jul 3, 2009 7:24:46 PM Ignore winggnutt Report Abuse need to stop the speculators!
the_peddler Champion Author Detroit Posts:1,303 Points:348,550 Joined:Sep 2008	Message Posted: Jul 3, 2009 7:22:48 PM Ignore the_peddler Report Abuse low incomes and conserving might keep it lower this year.
eaglev Champion Author Oklahoma City Posts:2,366 Points:608,540 Joined:Jul 2005	Message Posted: Jul 3, 2009 7:20:48 PM Ignore eaglev Report Abuse got a price war. 2.18 at murphy and 2.13 at the 7-11
Tru2psu2 Champion Author Winston-Salem Posts:6,263 Points:589,605 Joined:Feb 2004	Message Posted: Jul 3, 2009 7:19:01 PM Ignore Tru2psu2 Report Abuse It's not going to go down much...enjoy it while it lasts!!!
dhnbBUG Champion Author Pennsylvania Posts:2,619 Points:704,290 Joined:Apr 2008	Message Posted: Jul 3, 2009 7:10:43 PM Ignore dhnbBUG Report Abuse When oil prices rise, it's bad. When oil prices fall, it's bad. What are we looking for for oil prices?
rossp Champion Author San Jose Posts:7,955 Points:1,322,635 Joined:Apr 2006	Message Posted: Jul 3, 2009 7:07:25 PM Ignore rossp Report Abuse The price of oil is PARTLY based on the value of the dollar. But no way did the dollar devalue enough last year to give us $4 gas. That was rampant speculation, along with an artificial demand (by speculators). But it IS true that if the dollar falls, oil rises. Remember, however, the quoted prices for oil is for oil FUTURES. What you see at the station is gas (NET) PRESENT VALUE. I have some ideas for curbing speculation but they're probably too radical for anyone buy Hugo Chavez. I'd suggest a 10% tax on selling a futures contract. But what I'd REALLY like is to require delivery to the one who (first) buys the contract. i.e., the first one who buys the contract is the only one who buys the contract. So if you don't want delivery, don't buy the contract. You can renege on a contract and get some (small) percentage of your money back, but you'd loose your shirt (and perhaps your house in the Hamptons).
Dancin Champion Author Toronto Posts:4,124 Points:1,752,530 Joined:Mar 2004	Message Posted: Jul 3, 2009 7:00:20 PM Ignore Dancin Report Abuse It continues to be overpriced and we should not stand for it. Let's get government regulating pricing at the pump.
DellDude2 Champion Author Nashville Posts:3,789 Points:1,112,860 Joined:Aug 2005	Message Posted: Jul 3, 2009 7:00:04 PM Ignore DellDude2 Report Abuse This is bizarre. No spike up yet for the holiday. Price today - $2.34.
4warned Champion Author Michigan Posts:4,048 Points:1,218,435 Joined:Nov 2006	Message Posted: Jul 3, 2009 6:51:32 PM Ignore 4warned Report Abuse Oil is down, however the price at the pump is up. I just do not get it other than just plain simple greed.
roadkillGA Champion Author Georgia Posts:3,382 Points:485,950 Joined:Jun 2008	Message Posted: Jul 3, 2009 6:44:57 PM Ignore roadkillGA Report Abuse Drop
georgeo Champion Author California Posts:2,303 Points:92,785 Joined:May 2009	Message Posted: Jul 3, 2009 6:43:21 PM Ignore georgeo Report Abuse Wait for the other shoe to drop.
PaylessKY Champion Author Kentucky Posts:3,360 Points:625,755 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:43:21 PM Ignore PaylessKY Report Abuse I hope the price come down further.
hauler43 Champion Author Oakland Posts:4,648 Points:1,818,210 Joined:Sep 2003	Message Posted: Jul 3, 2009 6:40:37 PM Ignore hauler43 Report Abuse Lets hope it goes lower