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| Economy |
| Hottest Oil Options Show 18% Drop as Demand Falls |
| 2009-05-27 |
| Crude oil fell amid speculation that this year's 37 percent rally is unsustainable because of sluggish demand brought on by the recession. A survey of business confidence in Germany advanced less than economists expected as the worst business slowdown in a half century lingers in Europe, the U.S. and Asia. Oil prices were also constrained by speculation that OPEC won't reduce oil- output targets when it meets May 28. |
| Posted by:Fred |
| #6 It would be a good time to switch to cheap Natural Gas. |
| Posted by: Uloluns Scourge of the Bunions1692 2009-05-27 20:41 |
| #5 The dollar is off more than 10% in the past 8-ish weeks and will head south again this week as the fed buys the new US Treasury issues that no one else wants. The price is sustainable because the dollar will fall to the point that the market will support it even with reduced demand. |
| Posted by: AzCat 2009-05-27 14:21 |
| #4 Kofi The oil companies simply throttle down production at the refineries when they need the price of gas to go up. They have us by the 'short and curlies' and they know it. |
| Posted by: bigjim-ca 2009-05-27 13:03 |
| #3 OPEC has dropped production more than 10% since the manipulation of the US financial system that guaranteed Obama's election. Let's see, 10% cut in production and prices have doubled. Think OPEC won't cut a little more production to get prices where they want? |
| Posted by: ed 2009-05-27 07:35 |
| #2 Would that the Gas prices paralleled the drop in these oil options. Manipulation? |
| Posted by: Kofi Flomotch5556 2009-05-27 06:59 |
| #1 Has OPEC ever met its oil output targets when that meant a reduction in sales? |
| Posted by: Richard of Oregon 2009-05-27 00:25 |