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jpak

(41,742 posts)
Tue May 8, 2012, 03:15 PM May 2012

Oil Declines for a Fifth Day After Al-Naimi Says Prices Too High

Source: San Francisco Gate

May 8 (Bloomberg) -- Oil fell for a fifth day after Saudi Arabia's Oil Minister Ali al-Naimi said prices are too high and a survey signaled that inventories rose to the most in more than 21 years in the U.S., the world's biggest crude consumer.

West Texas Intermediate futures in New York dropped as much as 1.3 percent after closing at a three-month low yesterday. Crude prices are "still a little bit high," al-Naimi said in Tokyo today. U.S. stockpiles climbed 1.9 million barrels to 377.8 million last week, according to a Bloomberg News survey before tomorrow's Energy Department report. Crude's 14-day relative strength index slipped, suggesting that further declines may not be sustained.

"We've seen a fairly significant inventory build-up," Ric Spooner, a chief market analyst at CMC Markets in Sydney, said in a telephone interview today. "The recent trend of the market is obviously down and at this stage, from a technical point of view, looks to be remaining in a short-term downtrend."

Crude for June delivery fell as much as $1.23 to $96.71 a barrel in electronic trading on the New York Mercantile Exchange and pared some losses to trade at $97.38 as of 1:01 p.m. London time. The contract slid 55 cents, or 0.6 percent, to $97.94 yesterday, the lowest close since Feb. 6. Prices are down 1.5 percent this year.

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Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/08/bloomberg_articlesM3OCQ30UQVI901-M3PE1.DTL

15 replies = new reply since forum marked as read
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Oil Declines for a Fifth Day After Al-Naimi Says Prices Too High (Original Post) jpak May 2012 OP
Welcome to the new electric/hybrid transportation world... Amonester May 2012 #1
and just think were the prices would be if we were full tilt okieinpain May 2012 #2
The US military is the single biggest user of diesel and gasoline. FailureToCommunicate May 2012 #10
Crude oil in Alaska is piling up. Arctic Dave May 2012 #3
speculators in a panic thelordofhell May 2012 #4
"cry me a river." demosincebirth May 2012 #5
Gas is $3.79 a gallon here. Archae May 2012 #6
Lucky you. Here in the Oakland Metro area its 4.25 at some high end stations. demosincebirth May 2012 #7
I just got back from Chicago and saw $4.49 downtown and generally $4.30. xtraxritical May 2012 #13
As low as $2.91 here. cstanleytech Jun 2012 #15
Sign of reemerging recession. earthside May 2012 #8
Quiet! You'll confuse and enrage the masses! NickB79 May 2012 #12
Prices continue to fall at the pump may3rd Jun 2012 #14
$3.49 in Marble Falls, Texas. marble falls May 2012 #9
Unless the republicans can find a way to keep the prices high, they will lose another talking point liberal N proud May 2012 #11

Amonester

(11,541 posts)
1. Welcome to the new electric/hybrid transportation world...
Tue May 8, 2012, 03:19 PM
May 2012

F*ck the petrol kings.

(Here's to hoping this is real!)

okieinpain

(9,397 posts)
2. and just think were the prices would be if we were full tilt
Tue May 8, 2012, 03:21 PM
May 2012

into better energy conservation polices. high speed rail, solar panels, better fuel efficient cars, better mass transit. but oh no let somebody tell americans they can't have their v8 suv's.

thelordofhell

(4,569 posts)
4. speculators in a panic
Tue May 8, 2012, 03:46 PM
May 2012

The other shoe will drop when oil isn't 150 a barrel like these assholes predicted just 3 months ago

earthside

(6,960 posts)
8. Sign of reemerging recession.
Tue May 8, 2012, 04:48 PM
May 2012

Who cares what Saudi Arabia's Oil Minister Ali al-Naimi says?

The truth is that the recession in Europe and the slow down in Asia and in the U.S. is why oil is falling.

The likelihood of less demand because of slower economic activity will naturally bring down the price.

It is the peak oil economic roller coaster ...

NickB79

(19,114 posts)
12. Quiet! You'll confuse and enrage the masses!
Tue May 8, 2012, 05:44 PM
May 2012

People believe what they want to believe, and the idea of Peak Oil infringes upon those beliefs.

 

may3rd

(593 posts)
14. Prices continue to fall at the pump
Sat Jun 30, 2012, 08:43 PM
Jun 2012

economic activity is supposed to rebound with the abundance of unused oil stocks.So,
we wait and see by summers end

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