Oil prices continue to fall

[IDemo]

Source: Associated Press

NEW YORK - Oil prices fell about $1 a barrel Monday in a volatile market on speculation that OPEC may still boost output at its meeting this week, despite last week’s sharp price drop.

Light, sweet crude for January delivery was down $1.01 to $87.70 in electronic trading on the New York Mercantile Exchange midday in Europe. Earlier Monday, the contract had traded as high as $89.94. On Friday, it fell $2.30 to settle at $88.71 a barrel.

In London, January Brent crude dropped 99 cents to $87.27 a barrel on the ICE Futures exchange.

Crude oil contracts tumbled last week on expectations that members of the Organization of Petroleum Exporting Countries will agree at a meeting Wednesday to raise production to help ease high oil prices. That sent prices to their lowest level Friday since Oct. 25 — quite a turnaround from the start of that week when prices were approaching $100 a barrel.

Read more: http://www.msnbc.msn.com/id/12400801/

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OPEC will raise production. In other news, a jolly oversized elf is expected by many to deliver presents to children worldwide by piloting an airborne sleigh....

[flyarm]

1. yeah thanksgiving travel is over..now they need us in the malls shopping..

they gottheir thanksgiving profit..so now they need you suing that money in the malls..get going amerika..shop till you drop!!

:sarcasm:

boy has this gotten predictable!!

fly

[enid602]

2. Dollar

Funny thing about oil prices is that if you look at the cost price of oil (during the last 7 years) in terms of yen, Euros, Australian or Canadian Dollars, Pound Sterling or Reais, they really haven't escalated all that much. I don't think the effect of peak oil has really it us yet; what we're seeing now is the decline of our Dollar.

[Atman]

3. Funny, when crude goes up in the morning, gas goes up in the afternoon.

But when crude DROPS in price, it doesn't go down until...uh...does it go down at all? Maybe a penny or two, after a few weeks.

Fucking scam artists, pure and simple.

.

[DS1]

4. update: Oil prices are up based on fears of oil prices falling

[n2doc]

5. let me guess....

Next week OPEC will "see no need" to raise production as they will be "satisfied" with the decline in prices....

And the game of chicken goes on....

[hadrons]

6. "OPEC may still boost output at its meeting this week ..."

how many times have they promised that without delivering?

[allisonthegreat]

7. Yep now that the food costs increased. To bad

the food costs will not go down. Once it crescendo's it stays the same I'm afraid.

[CountAllVotes]

8. what a ponzi scheme all of this is

I wonder who might be behind all of this *? :tinfoilhat:

:dem:

[Javaman]

9. My take...

oil is going down for several reasons.

First let me say, that the current price of oil is inflated due to the fact that since the majority of oil is traded in dollars and the dollar is at an all time low, the result would be an over inflated value on the price of oil. I have read several things on this and the current price of oil is inflated roughly 20% due to the week dollar and inflation.

This doesn't detract from the very real event of Peak Oil currently taking place. I do believe we are at plateau.

That said...

the psychological 100 dollar mark was closely reached 1 1/2 weeks ago when oil hit 99.29. then the various market forces kicked in to prevent the price from topping 100 bucks prior to holiday shopping.

the powers that be were pushing the price to see how much they could get away with. As it neared the 100 mark, the citizenry got wise. Shopping was poor and the various corporate retail stores were doing poorly.

So they cut back on the price.

Why do I say this? because, if anyone can explain to me why the price is going down for any other reason, I would love to hear it. The dollar is still weak and getting worse, our shipment of fuel to the gulf for the military just doubled, the stock market is still all over the place, the price at the pump is still going up, the price of heating oil is at an all time high, there was a huge disruption in Canada with a pipeline exploding (in the past that kind of incident would have been the explanation for a price hike) and China and India's demand is still very high.

It's all bullshit. They are manipulating the price of oil to get the american public through the holidays with the least amount of pain in the gas tank so they can continue to prop up this failed economy. god help us all after the new year.

I said this before in another post, I give it about 2 weeks after the new year till the shit hits the fan.

Check to see if there are any moving vans in front of the white house with stamps on the crates destined for Paraguay.

[Deja Q]

10. Only 2 weeks? That's a bit pessimistic.

[Javaman]

11. The gloves come off after the holidays. nt

[dysfunctional press]

12. actually, the primaries happen after the holidays...

and then with the election next november, the pukes will do what they can to keep things as stable and affordable until then- after all, the future make-up of the supreme court is more in the picture this time around than it has been for awhile.

[Javaman]

15. You are assuming the moron* actually cares about the next cast of characters. lol nt

[dysfunctional press]

16. they care about the continued care of the prosperity of their "base".

and that's all they care about.

[ozone_man]

13. The dollar seems to be putting in a bottom.

Notice that the dollar and loonie are on par again, back from $1 CND = $1.09 USD. That's a good thing for me, because I'm going to Canada in several weeks. :)

I think the FEDs are stuck between devaluing the currency more to keep us out of recession and losing our creditors, so they all drop the dollar, and trade oil in euros, etc. We're between a rock and a hard place. But then, I've said that before and they devalued the dollar by another 30%.

[struggle4progress]

14. Hogwash. Since 2003 one year rolling average oil prices have only increased

These little up-and-down fluctuations don't mean squat to anybody except day-traders. Last year, all the experts were telling us oil would hold at $60/bbl this year. The year before, we hit $60 for the first time.

And yet the news is always: Oil prices are falling! Oil prices are falling! It's a crock