Oil dives below $52 as investor confidence sinks
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- Jeffnfun631
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more from News:
http://www.reuters.com/article/topNews/idUSTRE49B3Y620081120?feedType...
Oil fell below $52 a barrel on Thursday, deepening losses over the previous four sessions as battered financial markets reflected ever lower confidence in the world economy and evidence mounted of falling fuel demand.U.S. crude fell $1.42, to $52.20 a barrel by 7:09 a.m. EST, just off a session low of $51.95, the weakest level since January 2007.
London Brent crude shed $1.13 to $50.59 a barrel.
As economic slowdown has destroyed fuel demand, oil companies face the prospect of storing millions of barrels of unwanted oil.
Shipping brokers said on Thursday, U.S. oil trader Koch and Royal Dutch Shell had booked super tankers capable of storing eight million barrels of crude, only slightly less than a day's production from top exporter Saudi Arabia.
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RubberRims
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No there are no complicated reasons for the drop in oil. See society are a gullible lot who place trust or should I say Money! With investment banks who then speculate on, Money! Then they throw in peak oil for good measure. And hay presto we see the inflation of Oil because we can’t get the stuff out of the ground as quickly as we are lead to believe we are using it? What a load of S***
I don’t know about you, but I know when BIG Oil companies are profiteering. Next time you by a car make shore it runs on something better than petrol. If you can!
- 1 year ago
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RubberRims
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pakazak
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there are probably other reasons for the drop in gas prices, also, esp in the US: winter is here, less driving; winter is here, time to raise heating oil prices.
i've been wondering also, the Bush family is heavy into oil; prices rise to highest ever during W's admin.; sell oil stocks when it's $140 a barrel; get out of town and the price drops...
the stupid public is happy to pay $2.00 a gal for gas, Bushes are happy with pockets full of cash...... why, it must be a win-win situation.
- 1 year ago
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pakazak
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PamelaSC
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AMEN, bluestranger.....I saw the price drop from almost $5 out here and everyone feels like they're getting such a good deal now.....lemme see the profit statements from the oil companies before I concur with that.
- 1 year ago
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PamelaSC
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bluestranger
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At first blush this seems like a great gift. The real question is, why was oil artificially inflated for the last 3 years?
Are all of the financial and economic gurus that can't figure why the world's economies are on the brink of terminal meltdown completely clueless?
Can money actually change equations in simple addition and subtraction?
When will we quit relying on the "word" of all these financial experts that are bought and paid for to cook the books?
I've probably used this one before but it is a good one.The true defination of an expert, an ex is a has been and a spirt is a drip under pressure.
We have just witnessed the power of a determined population. Let's not forget that and delude ourselves that everything will be O.K. now. Keep voting every time the polling place doors open. Keep educatingg ourselves and those around us. Keep burning the phone lines up between your state and federal public servants. Keep reminding them that we are watching and that we are through eating what they have been shoveling. As soon as we forget these lessons the price of oil will go right back to $134.00 per barrel. - 1 year ago
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bluestranger
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pokesmot
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It's an old trick build it up and tare it down.
- 1 year ago
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pokesmot
