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Oil Declines a Second Day on Demand Outlook for Europe, China

Bloomberg -- Oil fell for a 2nd day before a meeting of European officials amid speculation the region’s debt crisis and a slowdown in China will curb fuel demand.

Futures slid as much as 0.7 percent after capping a third weekly decline on Oct. 5, the longest run of losses since June.

“The prospects for any really significant increase in demand doesn’t seem to be there, it’s difficult for traders to get too bullish.”

Cutting bullish bets:

Oil in New York is breaching long-term technical support at $89.83 a barrel, according to data compiled by Bloomberg. On the weekly chart, that’s the 50 percent Fibonacci retracement of the drop to $32.40 in December 2008 from an intraday record high of $147.27 in July that year. Losses tend to accelerate below chart-support levels.


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Submitted Oct 08, 2012 By: MidNJ
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Declines a Second Day on Demand Outlook for Europe, China Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Oct 14, 2012 7:15:33 AM

life as we know it is declining. Let's face it. Time to look for a new direction. Not locally, but globally.
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jrs4125
Champion Author Indiana

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Message Posted: Oct 9, 2012 6:19:36 AM

No stability anywhere on fuel prices.
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bwatchingu
Champion Author Arkansas

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Message Posted: Oct 8, 2012 6:01:52 PM

watching
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investmentdr
Champion Author Cleveland

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Message Posted: Oct 8, 2012 10:10:26 AM

keep on keeping on
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Discovery02
Champion Author Colorado Springs

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Message Posted: Oct 8, 2012 9:56:52 AM

Hedge Fund traders, speculators, gamblers...and we pay the bill.
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BIGOILEATURCRUD
Champion Author North Carolina

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Message Posted: Oct 8, 2012 9:51:39 AM

>>Wish gas buddy would ask our members "How many gallons of fuel do you use per week compared to last year at this time?" My bet would be we are all using less.<<

==================================

My bet would be consumption might be down due to increased efficiency, but distance traveled remains the same. Consumers are still consuming.
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ramman2012
Champion Author Edmonton

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Message Posted: Oct 8, 2012 9:16:09 AM

ok
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scu227
Champion Author New Haven

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Message Posted: Oct 8, 2012 7:13:19 AM

Keep on dropping and bring down gas prices at the pump
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Evilmaddog
Champion Author British Columbia

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Message Posted: Oct 8, 2012 6:55:30 AM

yet gas prices are on the rise
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grandpadon28110
Champion Author Charlotte

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Message Posted: Oct 8, 2012 6:26:47 AM

Good.
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CptnCanada
Champion Author Saskatoon

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Message Posted: Oct 8, 2012 6:21:03 AM

Oil drops ... pump prices rise..
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otherdave
Champion Author Indiana

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Message Posted: Oct 8, 2012 6:20:13 AM

Still $3.80 to $4.00 here.
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municipal
Veteran Author Illinois

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Message Posted: Oct 8, 2012 6:20:04 AM

Regular 4.09 in Chicagoland!!
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alleycatMO
Champion Author Kansas City

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Message Posted: Oct 8, 2012 6:17:33 AM

Gas prices today are 3.56
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Bobmilan
Champion Author Louisville

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Message Posted: Oct 8, 2012 6:15:49 AM

Those gosh-darn speculators again dropping price...er, uh.

Get back to you on this one.
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paoli8
Champion Author Philadelphia

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Message Posted: Oct 8, 2012 6:14:54 AM

Pumps prices in my are nothing to cheer about
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Brucevanf
Champion Author New Brunswick

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Message Posted: Oct 8, 2012 6:13:09 AM

They are trying to desensitise us so they can charge anything they want for Gas no matter what the price of oil is.
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bama56
Champion Author Alabama

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Message Posted: Oct 8, 2012 6:12:21 AM

still to much
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bama56
Champion Author Alabama

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Message Posted: Oct 8, 2012 6:12:05 AM

good
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PurduePete86
Champion Author Indiana

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Message Posted: Oct 8, 2012 6:12:00 AM

Prices up 10 cents in Northern Indiana . . . we are getting hosed.
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JCI46009IN
Champion Author Indiana

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Message Posted: Oct 8, 2012 6:10:49 AM

Prices up here in Indiana
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LoneGuy
Champion Author Lansing

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Message Posted: Oct 8, 2012 6:10:44 AM

We haven't seen it in Mid Michigan.
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speedraider
Champion Author Orlando

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Message Posted: Oct 8, 2012 6:10:26 AM

slide baby slide
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kobes1
Champion Author Florida

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Message Posted: Oct 8, 2012 6:10:24 AM

Ok
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EMoe57
Champion Author Jacksonville

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Message Posted: Oct 8, 2012 6:10:23 AM

old
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Rockinrobby
Veteran Author Tallahassee

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Message Posted: Oct 8, 2012 6:10:06 AM

yeah, but what about the pump?
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jimmy544
Champion Author Boston

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Message Posted: Oct 8, 2012 6:10:02 AM

Time for a drop in prices at the pump. Wonder how long it will take...
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JSX515
Champion Author St. Louis

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Message Posted: Oct 8, 2012 6:09:46 AM

wish I had a decline in Obozo on my screen
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scottydoesnt
Champion Author Chicago

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Message Posted: Oct 8, 2012 6:08:57 AM

Too bad gas prices jumped over 10 cents here yesterday. Back over $4 per gallon again. :(
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Xavier80
Champion Author Victoria

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Message Posted: Oct 8, 2012 6:07:50 AM

ok
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turbosaab
Champion Author Cleveland

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Message Posted: Oct 8, 2012 6:07:41 AM

The price of gasoline makes no sense in light of this precipitous drop in oil price.
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judgemobile
Champion Author Ohio

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Message Posted: Oct 8, 2012 6:07:21 AM

I "demand" it comes down a lot more
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Harry813
Champion Author Iowa

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Message Posted: Oct 8, 2012 6:05:30 AM

Price at pump is still to high!
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DexLucas
Champion Author South Carolina

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Message Posted: Oct 8, 2012 6:05:27 AM

ok
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THEDodgeman
Champion Author Denver

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Message Posted: Oct 8, 2012 6:05:27 AM

whoopie
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heartbroken2010
Champion Author Ottawa

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Message Posted: Oct 8, 2012 6:05:14 AM

no money = less buying where ever you live.
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mrbee
Champion Author Little Rock

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Message Posted: Oct 8, 2012 6:05:05 AM

More CNG.
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bobzilla11
Champion Author Indiana

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Message Posted: Oct 8, 2012 6:04:34 AM

speculate baby speculate
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fillerupyeoww
Champion Author Columbus

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Message Posted: Oct 8, 2012 6:04:32 AM

No help at the pump.
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ClarkSC
Champion Author South Carolina

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Message Posted: Oct 8, 2012 6:04:18 AM

Goes up, goes down.
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jimraehl
Champion Author Utah

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Message Posted: Oct 8, 2012 6:04:11 AM

Maybe lower gas prices, maybe not.
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calripken_8
Champion Author Virginia

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Message Posted: Oct 8, 2012 6:03:39 AM

Decline, yeah right... tomorrow something else will come along, it's a BOHICA
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Ziggy1962
Champion Author New Jersey

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Message Posted: Oct 8, 2012 6:03:31 AM

We will see.
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MBAcura
Champion Author Orlando

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Message Posted: Oct 8, 2012 6:03:14 AM

Sure, so shut down some refineries. Change in November.
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livewire300
Champion Author South Carolina

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Message Posted: Oct 8, 2012 6:01:41 AM

Decline...
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BJ1947
Champion Author Oklahoma

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Message Posted: Oct 8, 2012 6:00:09 AM

Sure!
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JimL1
Champion Author Phoenix

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Message Posted: Oct 8, 2012 5:59:33 AM

Bring on CNG!
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brbts
Champion Author Charlotte

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Message Posted: Oct 8, 2012 5:59:19 AM

I think we'd be a lot better off if we could drill our own and KEEP our own here and not have to worry about the "world market". But since we're giving our country away to these countries we have to pay for it.
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CarpenterNJ
Champion Author New Jersey

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Message Posted: Oct 8, 2012 5:58:01 AM

We shall see.
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GasPriceHelp4u
Champion Author Dayton

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Message Posted: Oct 8, 2012 5:56:48 AM

Great news for US consumers as long as it is reflected at the pump!!!
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FBI2991
Champion Author Michigan

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Joined:Nov 2008
Message Posted: Oct 8, 2012 5:55:32 AM

Whatever
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