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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

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Oct 14, 2012 7:15:33 AM Ignore honda0105 Report Abuse life as we know it is declining. Let's face it. Time to look for a new direction. Not locally, but globally.
jrs4125 Champion Author Indiana Posts:2,738 Points:587,745 Joined:Sep 2011	Message Posted: Oct 9, 2012 6:19:36 AM Ignore jrs4125 Report Abuse No stability anywhere on fuel prices.
bwatchingu Champion Author Arkansas Posts:1,730 Points:597,720 Joined:Jan 2009	Message Posted: Oct 8, 2012 6:01:52 PM Ignore bwatchingu Report Abuse watching
investmentdr Champion Author Cleveland Posts:4,003 Points:1,450,825 Joined:Sep 2008	Message Posted: Oct 8, 2012 10:10:26 AM Ignore investmentdr Report Abuse keep on keeping on
Discovery02 Champion Author Colorado Springs Posts:2,520 Points:305,915 Joined:May 2012	Message Posted: Oct 8, 2012 9:56:52 AM Ignore Discovery02 Report Abuse Hedge Fund traders, speculators, gamblers...and we pay the bill.
BIGOILEATURCRUD Champion Author North Carolina Posts:5,740 Points:1,374,500 Joined:Nov 2008	Message Posted: Oct 8, 2012 9:51:39 AM Ignore BIGOILEATURCRUD Report Abuse >>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.
ramman2012 Champion Author Edmonton Posts:2,318 Points:495,285 Joined:May 2011	Message Posted: Oct 8, 2012 9:16:09 AM Ignore ramman2012 Report Abuse ok
scu227 Champion Author New Haven Posts:4,130 Points:767,880 Joined:Feb 2011	Message Posted: Oct 8, 2012 7:13:19 AM Ignore scu227 Report Abuse Keep on dropping and bring down gas prices at the pump
Evilmaddog Champion Author British Columbia Posts:3,302 Points:953,550 Joined:Aug 2010	Message Posted: Oct 8, 2012 6:55:30 AM Ignore Evilmaddog Report Abuse yet gas prices are on the rise
grandpadon28110 Champion Author Charlotte Posts:4,696 Points:1,138,310 Joined:Sep 2008	Message Posted: Oct 8, 2012 6:26:47 AM Ignore grandpadon28110 Report Abuse Good.
CptnCanada Champion Author Saskatoon Posts:7,007 Points:914,975 Joined:Jun 2008	Message Posted: Oct 8, 2012 6:21:03 AM Ignore CptnCanada Report Abuse Oil drops ... pump prices rise..
otherdave Champion Author Indiana Posts:3,373 Points:1,265,160 Joined:Oct 2008	Message Posted: Oct 8, 2012 6:20:13 AM Ignore otherdave Report Abuse Still $3.80 to $4.00 here.
municipal Sophomore Author Illinois Posts:248 Points:365,290 Joined:May 2011	Message Posted: Oct 8, 2012 6:20:04 AM Ignore municipal Report Abuse Regular 4.09 in Chicagoland!!
alleycatMO Champion Author Kansas City Posts:1,182 Points:288,755 Joined:Feb 2012	Message Posted: Oct 8, 2012 6:17:33 AM Ignore alleycatMO Report Abuse Gas prices today are 3.56
Bobmilan Champion Author Louisville Posts:1,175 Points:471,350 Joined:Sep 2011	Message Posted: Oct 8, 2012 6:15:49 AM Ignore Bobmilan Report Abuse Those gosh-darn speculators again dropping price...er, uh. Get back to you on this one.
paoli8 Champion Author Philadelphia Posts:7,071 Points:1,816,120 Joined:Jul 2007	Message Posted: Oct 8, 2012 6:14:54 AM Ignore paoli8 Report Abuse Pumps prices in my are nothing to cheer about
Brucevanf Champion Author New Brunswick Posts:1,336 Points:240,285 Joined:Aug 2012	Message Posted: Oct 8, 2012 6:13:09 AM Ignore Brucevanf Report Abuse They are trying to desensitise us so they can charge anything they want for Gas no matter what the price of oil is.
bama56 Champion Author Alabama Posts:3,602 Points:1,389,815 Joined:Nov 2008	Message Posted: Oct 8, 2012 6:12:21 AM Ignore bama56 Report Abuse still to much
bama56 Champion Author Alabama Posts:3,602 Points:1,389,815 Joined:Nov 2008	Message Posted: Oct 8, 2012 6:12:05 AM Ignore bama56 Report Abuse good
PurduePete86 Champion Author Indiana Posts:2,148 Points:1,151,995 Joined:Apr 2007	Message Posted: Oct 8, 2012 6:12:00 AM Ignore PurduePete86 Report Abuse Prices up 10 cents in Northern Indiana . . . we are getting hosed.
JCI46009IN Champion Author Indiana Posts:2,129 Points:439,570 Joined:Sep 2011	Message Posted: Oct 8, 2012 6:10:49 AM Ignore JCI46009IN Report Abuse Prices up here in Indiana
LoneGuy Champion Author Lansing Posts:8,460 Points:2,313,995 Joined:Aug 2005	Message Posted: Oct 8, 2012 6:10:44 AM Ignore LoneGuy Report Abuse We haven't seen it in Mid Michigan.
speedraider Champion Author Orlando Posts:3,653 Points:1,640,895 Joined:Nov 2005	Message Posted: Oct 8, 2012 6:10:26 AM Ignore speedraider Report Abuse slide baby slide
kobes1 Champion Author Florida Posts:2,472 Points:553,610 Joined:Aug 2011	Message Posted: Oct 8, 2012 6:10:24 AM Ignore kobes1 Report Abuse Ok
EMoe57 Champion Author Jacksonville Posts:4,597 Points:1,012,040 Joined:Apr 2009	Message Posted: Oct 8, 2012 6:10:23 AM Ignore EMoe57 Report Abuse old
Rockinrobby Veteran Author Tallahassee Posts:444 Points:276,990 Joined:Mar 2011	Message Posted: Oct 8, 2012 6:10:06 AM Ignore Rockinrobby Report Abuse yeah, but what about the pump?
jimmy544 Champion Author Boston Posts:4,074 Points:649,855 Joined:Feb 2011	Message Posted: Oct 8, 2012 6:10:02 AM Ignore jimmy544 Report Abuse Time for a drop in prices at the pump. Wonder how long it will take...
JSX515 Champion Author St. Louis Posts:3,693 Points:797,595 Joined:Feb 2011	Message Posted: Oct 8, 2012 6:09:46 AM Ignore JSX515 Report Abuse wish I had a decline in Obozo on my screen
scottydoesnt Champion Author Chicago Posts:3,762 Points:526,520 Joined:Apr 2011	Message Posted: Oct 8, 2012 6:08:57 AM Ignore scottydoesnt Report Abuse Too bad gas prices jumped over 10 cents here yesterday. Back over $4 per gallon again. :(
Xavier80 Champion Author Victoria Posts:1,758 Points:375,190 Joined:Apr 2012	Message Posted: Oct 8, 2012 6:07:50 AM Ignore Xavier80 Report Abuse ok
turbosaab Champion Author Cleveland Posts:19,009 Points:2,339,220 Joined:Sep 2006	Message Posted: Oct 8, 2012 6:07:41 AM Ignore turbosaab Report Abuse The price of gasoline makes no sense in light of this precipitous drop in oil price.
judgemobile Champion Author Ohio Posts:7,550 Points:2,441,135 Joined:Nov 2005	Message Posted: Oct 8, 2012 6:07:21 AM Ignore judgemobile Report Abuse I "demand" it comes down a lot more
Harry813 Champion Author Iowa Posts:2,980 Points:657,640 Joined:Jul 2011	Message Posted: Oct 8, 2012 6:05:30 AM Ignore Harry813 Report Abuse Price at pump is still to high!
DexLucas Champion Author South Carolina Posts:1,214 Points:338,080 Joined:Feb 2012	Message Posted: Oct 8, 2012 6:05:27 AM Ignore DexLucas Report Abuse ok
THEDodgeman Champion Author Denver Posts:7,977 Points:1,943,365 Joined:Apr 2005	Message Posted: Oct 8, 2012 6:05:27 AM Ignore THEDodgeman Report Abuse whoopie
heartbroken2010 Champion Author Ottawa Posts:4,324 Points:893,535 Joined:Aug 2010	Message Posted: Oct 8, 2012 6:05:14 AM Ignore heartbroken2010 Report Abuse no money = less buying where ever you live.
mrbee Champion Author Little Rock Posts:3,734 Points:2,462,430 Joined:Oct 2005	Message Posted: Oct 8, 2012 6:05:05 AM Ignore mrbee Report Abuse More CNG.
bobzilla11 Champion Author Indiana Posts:1,191 Points:492,300 Joined:May 2011	Message Posted: Oct 8, 2012 6:04:34 AM Ignore bobzilla11 Report Abuse speculate baby speculate
fillerupyeoww Champion Author Columbus Posts:5,859 Points:1,645,440 Joined:Mar 2008	Message Posted: Oct 8, 2012 6:04:32 AM Ignore fillerupyeoww Report Abuse No help at the pump.
ClarkSC Champion Author South Carolina Posts:3,058 Points:1,007,405 Joined:May 2010	Message Posted: Oct 8, 2012 6:04:18 AM Ignore ClarkSC Report Abuse Goes up, goes down.
jimraehl Champion Author Utah Posts:7,044 Points:1,632,590 Joined:Sep 2008	Message Posted: Oct 8, 2012 6:04:11 AM Ignore jimraehl Report Abuse Maybe lower gas prices, maybe not.
calripken_8 Champion Author Virginia Posts:2,881 Points:655,190 Joined:Jun 2011	Message Posted: Oct 8, 2012 6:03:39 AM Ignore calripken_8 Report Abuse Decline, yeah right... tomorrow something else will come along, it's a BOHICA
Ziggy1962 Champion Author New Jersey Posts:5,719 Points:1,806,785 Joined:Aug 2006	Message Posted: Oct 8, 2012 6:03:31 AM Ignore Ziggy1962 Report Abuse We will see.
MBAcura Champion Author Orlando Posts:2,355 Points:664,840 Joined:Apr 2011	Message Posted: Oct 8, 2012 6:03:14 AM Ignore MBAcura Report Abuse Sure, so shut down some refineries. Change in November.
livewire300 Champion Author South Carolina Posts:3,350 Points:165,260 Joined:Jun 2011	Message Posted: Oct 8, 2012 6:01:41 AM Ignore livewire300 Report Abuse Decline...
BJ1947 Champion Author Oklahoma Posts:1,270 Points:477,735 Joined:Mar 2011	Message Posted: Oct 8, 2012 6:00:09 AM Ignore BJ1947 Report Abuse Sure!
JimL1 Champion Author Phoenix Posts:8,201 Points:1,238,645 Joined:Jul 2003	Message Posted: Oct 8, 2012 5:59:33 AM Ignore JimL1 Report Abuse Bring on CNG!
brbts Champion Author Charlotte Posts:3,622 Points:772,365 Joined:Feb 2011	Message Posted: Oct 8, 2012 5:59:19 AM Ignore brbts Report Abuse 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.
CarpenterNJ Champion Author New Jersey Posts:1,222 Points:508,765 Joined:Sep 2011	Message Posted: Oct 8, 2012 5:58:01 AM Ignore CarpenterNJ Report Abuse We shall see.
GasPriceHelp4u Champion Author Dayton Posts:2,667 Points:564,800 Joined:Jul 2008	Message Posted: Oct 8, 2012 5:56:48 AM Ignore GasPriceHelp4u Report Abuse Great news for US consumers as long as it is reflected at the pump!!!