Article

2009-01-10 Home Front Economy

Oil prices have fallen back close to 40 dollars having begun the session higher, at the end of a very volatile week.

New York's main contract, light sweet crude for delivery in February, fell 1.35 dollars to 40.35 dollars per barrel. Brent North Sea crude for February shed 96 cents to 43.71dollars on London's InterContinental Exchange.

Oil prices had fallen Thursday on concerns over a US stockpile buildup and worries that the global economic slump would further dampen demand, traders said. The US Department of Energy said on Wednesday that stockpiles of crude increased 6.7 million barrels last week, far higher than predictions from analysts for a gain of only 700,000 barrels.

News of the buildup in recession-struck United States, the world's biggest crude consuming nation, pushed New York crude down 5.95 dollars and London Brent oil by 4.67 dollars on Wednesday. The market also remains concerned over higher US jobless numbers and President-elect Barack Obama's mammoth task of stimulating growth.

Posted by Fred 2009-01-10 00:00|| || Front Page|| [11139 views ] Top

Posted by GolfBravoUSMC 2009-01-10 01:36|| 2009-01-10 01:36|| Front Page Top

#2 Poor Soody princes will have to give up having golden plumbing.

Posted by g(r)omgoru 2009-01-10 04:20|| 2009-01-10 04:20|| Front Page Top

#3 What I have never understood is why, when the price of crude oil goes up, the price at the pump goes up immediately. However when the price of oil drops, the price of gas does not. The explanation of that is usually that the price of oil is the price at the well head, and it has to be shipped, refined and delivered to the pump for the price to go down.

Posted by Rambler in Virginia">Rambler in Virginia 2009-01-10 18:30|| 2009-01-10 18:30|| Front Page Top

#4 It's really simple, we're suckers, think "Captive audience" (Consumer)

Seriously, if you don't like the price DO SOMETHING ABOUT IT
(Electric vehicles if you live in a city, Cheap non ac, non ps, no boombox-gps-dvd and other toys)
I don't recommend motorcycles, but a three wheeler with roof would be nice.

Posted by Rednek Jim 2009-01-10 21:07|| 2009-01-10 21:07|| Front Page Top

#5 Interesting times for micro-producers out here in the midwest. Lots of 'em are shutting down production in hopes that they can hang around long enough to see a recovery.

Posted by AzCat 2009-01-10 21:49|| 2009-01-10 21:49|| Front Page Top

20:17 SteveS
18:44 magpie
18:33 Frank G
18:33 badanov
18:26 Hellfish
18:23 Hellfish
17:40 swksvolFF
17:34 Ebbuger Whuque4103
17:30 Ebbuger Whuque4103
17:02 Melancholic
16:27 Gravilet Snanter4154
16:20 Chaise Speaking for Boskone7897
16:02 Skidmark
16:01 Skidmark
15:46 Skidmark
15:41 Skidmark
15:37 swksvolFF
15:36 Skidmark
15:34 Skidmark
15:27 Skidmark
14:48 NoMoreBS
14:31 NoMoreBS
14:16 NoMoreBS
14:15 NoMoreBS