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Oil price slips after spiking to $82

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Oct 22 08:27 AM US/Eastern

World oil prices slid on Thursday on profit-taking after soaring overnight to 82 dollars per barrel, striking a one-year peak on the back of sliding US energy reserves and the weak greenback, traders said.
New York's main contract, light sweet crude for December delivery, fell 1.28 dollars to 80.09 dollars a barrel. The contract had touched 82.00 dollars exactly on Wednesday -- a level last seen on October 14, 2008.
Elsewhere on Thursday, Brent North Sea crude for December delivery dipped 1.21 to 78.48 dollars, after reaching a high of 80.26 the previous day.
Both contracts had risen in value on Wednesday, lifted by a drop in US energy stocks, which was seen as a sign of improved demand in the world's biggest energy user.
Data released Wednesday by the Department of Energy showed US gasoline reserves sank by 2.3 million barrels in the week to October 16. That was more than the 800,000 barrel drop expected by most analysts.
Oil has been rising steadily in recent days, fuelled by a weak US currency, which makes dollar-priced crude cheaper for holders of stronger foreign units.
Seems I haven't seen much about this in the news. Usually it's headlines for days, with crisis talk by politicians.
 
But do they care? :mrgreen:
 
The news stations talk about the bad things that are happening, not the good things.
 
We need Oil Prices to go up to the prices of last summer. It brings in great royalties for Louisiana and puts people to work. Domestic Drilling is the key.
 
This is a traditional time of year when oil prices begin to rise due to speculation of a cold winter and increases in consumption for Holiday travel. However this year the demand for gas is down because because people are driving only when they have to and the demand for heating oil although is there I believe people are putting off the inevitable as long a possible. Couple that with attempts to profit when demand is low and you get falling gas prices and rising oil costs. Oil prices are manipulated something awful as are all commodities and the spike could not hold up without some outside force like a war in Iran to causing it to remain high or go much higher.
The possibility of a major attack on Iran is moving closer and will take place before summer temperatures come back to the Middle East. People who live in the desert know better than to statr a war in the heat.
Just my thoughts.
 
We need Oil Prices to go up to the prices of last summer. It brings in great royalties for Louisiana and puts people to work. Domestic Drilling is the key.

Last summers $140 oil was speculation driven, without any real foundation. An increased price of energy causes various industries to raise their prices due to an increase in cost.

High oil prices are particularly scary for the transportation industry.
 
This is a traditional time of year when oil prices begin to rise due to speculation of a cold winter and increases in consumption for Holiday travel. However this year the demand for gas is down because because people are driving only when they have to and the demand for heating oil although is there I believe people are putting off the inevitable as long a possible. Couple that with attempts to profit when demand is low and you get falling gas prices and rising oil costs. Oil prices are manipulated something awful as are all commodities and the spike could not hold up without some outside force like a war in Iran to causing it to remain high or go much higher.
The possibility of a major attack on Iran is moving closer and will take place before summer temperatures come back to the Middle East. People who live in the desert know better than to statr a war in the heat.
Just my thoughts.
In view of our lib friends' huge green need to separate us from foreign oil, I think Chavez should discontinue free oil for the blue Northeast. ;)
 
Quite a bit of the rise is due to the dollar tanking.
 
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Seems I haven't seen much about this in the news. Usually it's headlines for days, with crisis talk by politicians.


You don't hear much about the economy at all since PBO started his war with Fox News. Funny how that worked out.;)
 
You don't hear much about the economy at all since PBO started his war with Fox News. Funny how that worked out.;)

I hear about it all day long. From CNBC.
 
I hear about it all day long. From CNBC.

And CNN over here, and BBC, and Sky News .. heck even Russia Today and France 24 run with the story.. Is it the nr. 1 story.. no but it is there.
 
And CNN over here, and BBC, and Sky News .. heck even Russia Today and France 24 run with the story.. Is it the nr. 1 story.. no but it is there.

Oh, there's no doubt your news outlets tell ya'll, everyday, that America's gonna fall. We already knew that.

I'm talking about American news, where most of the mainstream media is covering for The Messiah.
 
Oh, there's no doubt your news outlets tell ya'll, everyday, that America's gonna fall. We already knew that.

I'm talking about American news, where most of the mainstream media is covering for The Messiah.

Eh? :roll:

You mean our news outlets owned by American companies are telling us that American is going to fall? I see.... Better tell your buddy Murdoch that his first non Aussie TV station is against America... and his son must be a commie since he is running the station.
 
Eh? :roll:

You mean our news outlets owned by American companies are telling us that American is going to fall? I see.... Better tell your buddy Murdoch that his first non Aussie TV station is against America... and his son must be a commie since he is running the station.

Do you live in Australia? I don't think you do, so that piont is irrelevant.
 
And CNN over here, and BBC, and Sky News .. heck even Russia Today and France 24 run with the story.. Is it the nr. 1 story.. no but it is there.

Fox news is more worried about bashing the President on this side of the pond.
 
Do you live in Australia? I don't think you do, so that piont is irrelevant.

LOL you have zero clue about Murdoch.

He is an Aussie. His media empire started in Australia. His first non Australian TV News station was Sky News in the UK, which is now run by his son. Only in 2004 did Newscorp become an American registered company.

So you have basically bashed the US owned CNN, the US owned Sky News (by Newscorp, the same company as Fox News) and CNBC International also owned by a US company for wanting the US to fail...... talk about an own goal.
 
LOL you have zero clue about Murdoch.

He is an Aussie. His media empire started in Australia. His first non Australian TV News station was Sky News in the UK, which is now run by his son. Only in 2004 did Newscorp become an American registered company.

So you have basically bashed the US owned CNN, the US owned Sky News (by Newscorp, the same company as Fox News) and CNBC International also owned by a US company for wanting the US to fail...... talk about an own goal.

You live in Spain, or at least that's what it says under, "location". Why are we talking about Australia?
 
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