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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:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: May 11, 2012 2:38:48 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:4,036 Points:799,970 Joined:Mar 2011	Message Posted: May 8, 2012 9:24:00 PM Ignore jetskijerry Report Abuse Too much demand in Asia.
jetskijerry Champion Author North Carolina Posts:4,036 Points:799,970 Joined:Mar 2011	Message Posted: May 8, 2012 9:23:35 PM Ignore jetskijerry Report Abuse The monopolies will keep us at bay unless we quit buying.
jetskijerry Champion Author North Carolina Posts:4,036 Points:799,970 Joined:Mar 2011	Message Posted: May 8, 2012 9:23:06 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 9:22:19 PM Ignore Agarre Report Abuse ok
sparky808 Champion Author Honolulu Posts:3,144 Points:625,660 Joined:Sep 2011	Message Posted: May 8, 2012 10:32:43 AM Ignore sparky808 Report Abuse Thank you for posting.
OWENALOTT Champion Author Appleton Posts:2,182 Points:500,095 Joined:Apr 2011	Message Posted: May 7, 2012 10:33:52 PM Ignore OWENALOTT Report Abuse interesting read
KhelbenArunson Champion Author Michigan Posts:4,586 Points:745,565 Joined:Apr 2008	Message Posted: May 7, 2012 10:14:56 PM 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 9:28:58 PM Ignore cmsense Report Abuse It's all Obama's fault.
bcok Champion Author Los Angeles Posts:2,181 Points:1,555,520 Joined:Oct 2005	Message Posted: May 7, 2012 9:20:04 PM Ignore bcok Report Abuse More numbers-less and lower prices.
regout Champion Author Quebec Posts:3,095 Points:860,405 Joined:May 2010	Message Posted: May 7, 2012 9:05:42 PM Ignore regout Report Abuse Good but.....
gocatgo Champion Author South Carolina Posts:15,826 Points:2,557,280 Joined:Apr 2006	Message Posted: May 7, 2012 9:05:02 PM Ignore gocatgo Report Abuse Bad news for Mitt.
shores4now Champion Author Kentucky Posts:2,549 Points:551,500 Joined:Jul 2009	Message Posted: May 7, 2012 9:04:15 PM Ignore shores4now Report Abuse Yeah
Rans35PG Champion Author Modesto Posts:2,470 Points:1,000,000 Joined:Oct 2008	Message Posted: May 7, 2012 9:00:32 PM Ignore Rans35PG Report Abuse going to 50
N4PIP Champion Author Miami Posts:1,010 Points:445,805 Joined:Jan 2012	Message Posted: May 7, 2012 8:59:04 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 8:58:13 PM Ignore jessek Report Abuse Now for the price of gasoline to go down.
bonzoonfmb Champion Author Florida Posts:1,817 Points:664,910 Joined:Feb 2010	Message Posted: May 7, 2012 8:57:14 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:576,480 Joined:Mar 2006	Message Posted: May 7, 2012 8:56:32 PM Ignore Dodge_Me Report Abuse Thank you thank you
bif65 Champion Author Virginia Posts:1,024 Points:200,650 Joined:Jan 2011	Message Posted: May 7, 2012 8:54:53 PM Ignore bif65 Report Abuse ok
SparkieMi Champion Author Kalamazoo Posts:3,400 Points:615,895 Joined:Sep 2011	Message Posted: May 7, 2012 8:54:39 PM Ignore SparkieMi Report Abuse Speculation and greed.....
Z51Corvette Champion Author Austin Posts:8,608 Points:1,697,410 Joined:Jan 2008	Message Posted: May 7, 2012 8:54:37 PM Ignore Z51Corvette Report Abuse No it should be a out $75.00 silly. You are too greedy!!!
clermont40miles Champion Author Cincinnati Posts:10,754 Points:1,800,470 Joined:Apr 2008	Message Posted: May 7, 2012 8:52:42 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:9,848 Points:2,181,650 Joined:Jul 2006	Message Posted: May 7, 2012 8:52:29 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 8:51:26 PM Ignore tippybuddy Report Abuse really good news
judgemobile Champion Author Ohio Posts:7,705 Points:2,472,635 Joined:Nov 2005	Message Posted: May 7, 2012 8:48:51 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:3,400 Points:615,895 Joined:Sep 2011	Message Posted: May 7, 2012 8:48:27 PM Ignore SparkieMi Report Abuse Pump prices still too high!!!
30mpg80 Champion Author Lexington Posts:10,271 Points:1,515,555 Joined:Nov 2008	Message Posted: May 7, 2012 8:44:54 PM Ignore 30mpg80 Report Abuse Go ahead, oil, take a dive!
stephen2155 Champion Author North Carolina Posts:3,155 Points:685,280 Joined:Jun 2011	Message Posted: May 7, 2012 8:38:36 PM Ignore stephen2155 Report Abuse Let's see how much it will drop
pgerassi Champion Author Milwaukee Posts:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: May 7, 2012 8:33:07 PM Ignore pgerassi Report Abuse Good, keep dropping!
drz614 Champion Author Harrisburg Posts:2,444 Points:626,295 Joined:Aug 2011	Message Posted: May 7, 2012 8:27:28 PM Ignore drz614 Report Abuse ok
carman11 Champion Author North Carolina Posts:3,480 Points:719,425 Joined:Jun 2011	Message Posted: May 7, 2012 8:25:22 PM Ignore carman11 Report Abuse OK
donnamarieb333 Veteran Author South Carolina Posts:397 Points:181,340 Joined:May 2011	Message Posted: May 7, 2012 8:24:39 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:6,285 Points:1,910,995 Joined:Aug 2005	Message Posted: May 7, 2012 8:21:24 PM Ignore blazerbob91 Report Abuse Speculation
eric2theem Sophomore Author Riverside Posts:105 Points:30,155 Joined:Mar 2012	Message Posted: May 7, 2012 8:19:10 PM Ignore eric2theem Report Abuse its dropping but not taking affect on the wast coast because of traveling speculation!
CAD69 Champion Author Milwaukee Posts:3,346 Points:873,940 Joined:Nov 2010	Message Posted: May 7, 2012 8:16:05 PM Ignore CAD69 Report Abuse More speculation!
suzmar Champion Author Texas Posts:2,224 Points:897,080 Joined:Jun 2006	Message Posted: May 7, 2012 8:14:16 PM Ignore suzmar Report Abuse Good, I hope some speculators lost money.
koikaze Veteran Author Sacramento Posts:397 Points:110,400 Joined:Aug 2011	Message Posted: May 7, 2012 8:13:51 PM Ignore koikaze Report Abuse consumption is low, barrel is low..gas still high..
serrog Champion Author Nova Scotia Posts:5,710 Points:1,540,805 Joined:Oct 2008	Message Posted: May 7, 2012 8:10:59 PM Ignore serrog Report Abuse Great
TWS658 Champion Author Portland Posts:4,543 Points:950,875 Joined:Sep 2005	Message Posted: May 7, 2012 8:10:56 PM Ignore TWS658 Report Abuse Ok.
us4usa Champion Author Missouri Posts:6,120 Points:1,137,585 Joined:May 2008	Message Posted: May 7, 2012 8:05:19 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:71,520 Joined:May 2011	Message Posted: May 7, 2012 7:56:17 PM Ignore edlrph Report Abuse droppinlike its hot
LQQKGAS Champion Author Phoenix Posts:2,770 Points:1,222,675 Joined:Oct 2009	Message Posted: May 7, 2012 7:55:53 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 7:48:02 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:8,057 Points:1,601,705 Joined:Nov 2008	Message Posted: May 7, 2012 7:47:39 PM Ignore abcdMA Report Abuse obvious signs that the economyu is tanking
dong1971 All-Star Author Vancouver Posts:660 Points:234,390 Joined:May 2012	Message Posted: May 7, 2012 7:47:22 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:23,954 Points:2,107,475 Joined:Sep 2005	Message Posted: May 7, 2012 7:45:33 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:4,511 Points:718,710 Joined:Nov 2009	Message Posted: May 7, 2012 7:44:41 PM Ignore knot2swift Report Abuse Yawn! So what does this translate to? Fair pricing?
Beaveronparade Champion Author Hartford Posts:2,167 Points:660,440 Joined:Mar 2011	Message Posted: May 7, 2012 7:44:21 PM Ignore Beaveronparade Report Abuse We need to see this reflected at the pump!
DEG Champion Author Las Vegas Posts:17,745 Points:3,519,480 Joined:Jul 2003	Message Posted: May 7, 2012 7:43:09 PM Ignore DEG Report Abuse Oil should be in the $45 to $50/barrel range.
n3tbc Veteran Author Wilmington Posts:355 Points:333,575 Joined:Sep 2011	Message Posted: May 7, 2012 7:41:36 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.