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Oil plunges below $97 on US demand, Europe votes

Fox News -- SINGAPORE – Oil dived below $97 a barrel Monday in Asia, bringing its fall over three trading days to about 8 percent, as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth.

Benchmark oil for June delivery was down $1.87 to $96.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $4.05 to settle at $98.49 in New York on Friday. Brent crude for June delivery was down $1.81 at $111.37 per barrel in London.

Crude has slumped about 8 percent over the last three trading sessions amid signs oil demand may be weaker than previously expected.

The Energy Department said last week that U.S. crude inventories have risen to the highest since 1990. That was followed by the Labor Department on Friday

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Submitted May 07, 2012 By: angel4me

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honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: May 11, 2012 4:38:48 AM Ignore honda0105 Report Abuse jetski: w/ the blending subsidies of 45 or so cents / gallon gone, you won't see 1.50/gal again.
jetskijerry Champion Author North Carolina Posts:3,911 Points:775,195 Joined:Mar 2011	Message Posted: May 8, 2012 11:24:00 PM Ignore jetskijerry Report Abuse Too much demand in Asia.
jetskijerry Champion Author North Carolina Posts:3,911 Points:775,195 Joined:Mar 2011	Message Posted: May 8, 2012 11:23:35 PM Ignore jetskijerry Report Abuse The monopolies will keep us at bay unless we quit buying.
jetskijerry Champion Author North Carolina Posts:3,911 Points:775,195 Joined:Mar 2011	Message Posted: May 8, 2012 11:23:06 PM Ignore jetskijerry Report Abuse We need prices back at $1.50
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: May 8, 2012 11:22:19 PM Ignore Agarre Report Abuse ok
sparky808 Champion Author Honolulu Posts:3,013 Points:600,660 Joined:Sep 2011	Message Posted: May 8, 2012 12:32:43 PM Ignore sparky808 Report Abuse Thank you for posting.
OWENALOTT Champion Author Appleton Posts:2,182 Points:500,095 Joined:Apr 2011	Message Posted: May 8, 2012 12:33:52 AM Ignore OWENALOTT Report Abuse interesting read
KhelbenArunson Champion Author Michigan Posts:4,456 Points:719,815 Joined:Apr 2008	Message Posted: May 8, 2012 12:14:56 AM Ignore KhelbenArunson Report Abuse Good I would like to see it at about $30 a barrel and at 99 cents a gallon again.
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: May 7, 2012 11:28:58 PM Ignore cmsense Report Abuse It's all Obama's fault.
bcok Champion Author Los Angeles Posts:2,131 Points:1,545,470 Joined:Oct 2005	Message Posted: May 7, 2012 11:20:04 PM Ignore bcok Report Abuse More numbers-less and lower prices.
regout Champion Author Quebec Posts:2,965 Points:834,655 Joined:May 2010	Message Posted: May 7, 2012 11:05:42 PM Ignore regout Report Abuse Good but.....
gocatgo Champion Author South Carolina Posts:15,669 Points:2,532,405 Joined:Apr 2006	Message Posted: May 7, 2012 11:05:02 PM Ignore gocatgo Report Abuse Bad news for Mitt.
shores4now Champion Author Kentucky Posts:2,421 Points:526,725 Joined:Jul 2009	Message Posted: May 7, 2012 11:04:15 PM Ignore shores4now Report Abuse Yeah
Rans35PG Champion Author Modesto Posts:2,470 Points:997,000 Joined:Oct 2008	Message Posted: May 7, 2012 11:00:32 PM Ignore Rans35PG Report Abuse going to 50
N4PIP All-Star Author Miami Posts:915 Points:421,380 Joined:Jan 2012	Message Posted: May 7, 2012 10:59:04 PM Ignore N4PIP Report Abuse If the inventory is at 1990 levels, let the pricing return to that same level, too.
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: May 7, 2012 10:58:13 PM Ignore jessek Report Abuse Now for the price of gasoline to go down.
bonzoonfmb Champion Author Florida Posts:1,792 Points:646,535 Joined:Feb 2010	Message Posted: May 7, 2012 10:57:14 PM Ignore bonzoonfmb Report Abuse Just hope Europe's problems don't negatively affect the U.S. in other ways.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:557,730 Joined:Mar 2006	Message Posted: May 7, 2012 10:56:32 PM Ignore Dodge_Me Report Abuse Thank you thank you
bif65 Champion Author Virginia Posts:1,023 Points:195,880 Joined:Jan 2011	Message Posted: May 7, 2012 10:54:53 PM Ignore bif65 Report Abuse ok
SparkieMi Champion Author Kalamazoo Posts:3,277 Points:591,330 Joined:Sep 2011	Message Posted: May 7, 2012 10:54:39 PM Ignore SparkieMi Report Abuse Speculation and greed.....
Z51Corvette Champion Author Austin Posts:8,501 Points:1,674,095 Joined:Jan 2008	Message Posted: May 7, 2012 10:54:37 PM Ignore Z51Corvette Report Abuse No it should be a out $75.00 silly. You are too greedy!!!
clermont40miles Champion Author Cincinnati Posts:10,588 Points:1,774,820 Joined:Apr 2008	Message Posted: May 7, 2012 10:52:42 PM Ignore clermont40miles Report Abuse About half that is where it ought to be. Thank speculators for double the price.
MDTDriver Champion Author California Posts:9,739 Points:2,157,570 Joined:Jul 2006	Message Posted: May 7, 2012 10:52:29 PM Ignore MDTDriver Report Abuse News to day just gets better and better.
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: May 7, 2012 10:51:26 PM Ignore tippybuddy Report Abuse really good news
judgemobile Champion Author Ohio Posts:7,585 Points:2,448,060 Joined:Nov 2005	Message Posted: May 7, 2012 10:48:51 PM Ignore judgemobile Report Abuse after peaking at 147 in July 2008, oil bottomed out at about 37 a barrel. I would LOVE to see deja vu all over again.
SparkieMi Champion Author Kalamazoo Posts:3,277 Points:591,330 Joined:Sep 2011	Message Posted: May 7, 2012 10:48:27 PM Ignore SparkieMi Report Abuse Pump prices still too high!!!
30mpg80 Champion Author Lexington Posts:10,061 Points:1,489,805 Joined:Nov 2008	Message Posted: May 7, 2012 10:44:54 PM Ignore 30mpg80 Report Abuse Go ahead, oil, take a dive!
stephen2155 Champion Author North Carolina Posts:3,034 Points:659,980 Joined:Jun 2011	Message Posted: May 7, 2012 10:38:36 PM Ignore stephen2155 Report Abuse Let's see how much it will drop
pgerassi Champion Author Milwaukee Posts:10,911 Points:2,134,530 Joined:Apr 2007	Message Posted: May 7, 2012 10:33:07 PM Ignore pgerassi Report Abuse Good, keep dropping!
drz614 Champion Author Harrisburg Posts:2,314 Points:600,545 Joined:Aug 2011	Message Posted: May 7, 2012 10:27:28 PM Ignore drz614 Report Abuse ok
carman11 Champion Author North Carolina Posts:3,353 Points:694,650 Joined:Jun 2011	Message Posted: May 7, 2012 10:25:22 PM Ignore carman11 Report Abuse OK
donnamarieb333 Veteran Author South Carolina Posts:397 Points:181,340 Joined:May 2011	Message Posted: May 7, 2012 10:24:39 PM Ignore donnamarieb333 Report Abuse strangely, many stations increased a penny overnight, a few in price battles dropped a nickel
blazerbob91 Champion Author Milwaukee Posts:6,155 Points:1,885,620 Joined:Aug 2005	Message Posted: May 7, 2012 10:21:24 PM Ignore blazerbob91 Report Abuse Speculation
eric2theem Sophomore Author Riverside Posts:105 Points:30,155 Joined:Mar 2012	Message Posted: May 7, 2012 10:19:10 PM Ignore eric2theem Report Abuse its dropping but not taking affect on the wast coast because of traveling speculation!
CAD69 Champion Author Milwaukee Posts:3,216 Points:848,190 Joined:Nov 2010	Message Posted: May 7, 2012 10:16:05 PM Ignore CAD69 Report Abuse More speculation!
suzmar Champion Author Texas Posts:2,213 Points:874,085 Joined:Jun 2006	Message Posted: May 7, 2012 10:14:16 PM Ignore suzmar Report Abuse Good, I hope some speculators lost money.
koikaze Veteran Author Sacramento Posts:397 Points:110,300 Joined:Aug 2011	Message Posted: May 7, 2012 10:13:51 PM Ignore koikaze Report Abuse consumption is low, barrel is low..gas still high..
serrog Champion Author Nova Scotia Posts:5,579 Points:1,515,055 Joined:Oct 2008	Message Posted: May 7, 2012 10:10:59 PM Ignore serrog Report Abuse Great
TWS658 Champion Author Portland Posts:4,543 Points:950,875 Joined:Sep 2005	Message Posted: May 7, 2012 10:10:56 PM Ignore TWS658 Report Abuse Ok.
us4usa Champion Author Missouri Posts:6,003 Points:1,115,215 Joined:May 2008	Message Posted: May 7, 2012 10:05:19 PM Ignore us4usa Report Abuse $97 is not a beating, take a beating would be $32 like in 08... The last time oil was $97 FEB. gas price was 3.45 US average???
edlrph Veteran Author Ohio Posts:266 Points:71,420 Joined:May 2011	Message Posted: May 7, 2012 9:56:17 PM Ignore edlrph Report Abuse droppinlike its hot
LQQKGAS Champion Author Phoenix Posts:2,673 Points:1,197,845 Joined:Oct 2009	Message Posted: May 7, 2012 9:55:53 PM Ignore LQQKGAS Report Abuse n3tbc has a good point: If a gas station raises their prices too high, why is that considered price gouging when big oil can raise prices all they want and make record breaking profits, and thats OK ???
bigreddwg Champion Author Tampa Posts:5,002 Points:1,050,605 Joined:Nov 2005	Message Posted: May 7, 2012 9:48:02 PM Ignore bigreddwg Report Abuse GREED DROVE PRICES UP - lack of demand and consumer anger is helping to bring it back down!! keep conserving everybody and vote in decent people in november who AREN'T SPONSORED BY THE OIL COMPANIES (republi-CAN'Ts)!! obama may not be the best man for office, but he is 5 times the better candidate than that oil-rich billionnaire romney who i am sure will allow the prices to soar above $5 a barrel before his first year is out!!
abcdMA Champion Author Worcester Posts:7,937 Points:1,577,905 Joined:Nov 2008	Message Posted: May 7, 2012 9:47:39 PM Ignore abcdMA Report Abuse obvious signs that the economyu is tanking
dong1971 All-Star Author Vancouver Posts:660 Points:220,090 Joined:May 2012	Message Posted: May 7, 2012 9:47:22 PM Ignore dong1971 Report Abuse the price of today is the same as a couple days ago. Gas station in BC doesn't care.
Chris46 Champion Author Dayton Posts:23,705 Points:2,084,265 Joined:Sep 2005	Message Posted: May 7, 2012 9:45:33 PM Ignore Chris46 Report Abuse This news would be exciting, if the price at the pump reflected this barrel drop. Alas! It doesn't! [Edited by: Chris46 at 5/7/2012 10:45:42 PM EST]
knot2swift Champion Author Calgary Posts:4,398 Points:699,905 Joined:Nov 2009	Message Posted: May 7, 2012 9:44:41 PM Ignore knot2swift Report Abuse Yawn! So what does this translate to? Fair pricing?
Beaveronparade Champion Author Hartford Posts:2,108 Points:637,535 Joined:Mar 2011	Message Posted: May 7, 2012 9:44:21 PM Ignore Beaveronparade Report Abuse We need to see this reflected at the pump!
DEG Champion Author Las Vegas Posts:17,635 Points:3,497,630 Joined:Jul 2003	Message Posted: May 7, 2012 9:43:09 PM Ignore DEG Report Abuse Oil should be in the $45 to $50/barrel range.
n3tbc Veteran Author Wilmington Posts:355 Points:332,825 Joined:Sep 2011	Message Posted: May 7, 2012 9:41:36 PM Ignore n3tbc Report Abuse Why lower gas prices? don't we actually want he oil companies to make even a greater profit off of us? We are told that it's not the politicians fault that the prices are going up and in fact one article couldn't actually tell us what the reasons were. It is amazing though that he gas companies profits are skyrocketing as well. Wouldn't that mean that the reason for the price increase is directly related to the increase in profit. I think this is a form of gouging.