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Oil Heads for Second Weekly Gain as U.S. Jobless Claims Decline

Bloomberg -- Oil headed for a second weekly gain in New York after applications for unemployment relief unexpectedly declined last week in the U.S., the world’s biggest consumer of crude.

Futures were little changed and poised for a weekly increase of 2.2 percent. That would be the most since the seven days ended July 20. Jobless claims dropped by 6,000 to 361,000 in the week ended Aug. 4, Labor Department figures showed yesterday. The median forecast of 43 economists surveyed by Bloomberg News called for an increase to 370,000. A depression formed in the Atlantic and may become Tropical Storm Gordon today, the National Hurricane Center said.

“The employment situation seems to have stabilized,” David Lennox, an analyst at Fat Prophets in Sydney, said in a telephone interview today. “Perhaps the gloom

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Submitted Aug 10, 2012 By: angel4me

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figman Champion Author Chicago Posts:13,772 Points:3,664,670 Joined:Sep 2001	Message Posted: Aug 12, 2012 11:41:12 PM Ignore figman Report Abuse Correct me if I'm wrong, but if there are less people employed, wouldn't it make sense that there would be less people laid off and collecting unemployment for the first time??
rastaman215 Rookie Author Ann Arbor Posts:17 Points:78,465 Joined:Dec 2010	Message Posted: Aug 10, 2012 10:26:36 PM Ignore rastaman215 Report Abuse I see as the jobless rate falls, some people have blamed the President, when it's actually the Republican Congress to blame. They made a decision to throw the whole country under the bus in order to defeat the President and limit him to one term. This is a document fact, that they met on his first day in office and set the plan in motion. Can you name something positive that Congress has done in the way of jobs?
flyfast Champion Author Kansas City Posts:9,263 Points:1,828,735 Joined:Jan 2008	Message Posted: Aug 10, 2012 10:15:40 PM Ignore flyfast Report Abuse THERE JUST LESS LOOKING FOR JOB THAT IS NOT THERE
iamforiu Champion Author Indiana Posts:3,585 Points:713,690 Joined:May 2011	Message Posted: Aug 10, 2012 10:05:36 PM Ignore iamforiu Report Abuse ok
cdanielwyke Champion Author Greensboro Posts:2,480 Points:594,905 Joined:Sep 2008	Message Posted: Aug 10, 2012 9:53:43 PM Ignore cdanielwyke Report Abuse This is stupid! Just because more people are falling off the unemployment claims, does not mean more people are working! If investors keep up this madness we'll all be out of jobs. I keep saying that we put them out of a job first.
jad1960 Champion Author Gary Posts:1,555 Points:405,375 Joined:Feb 2012	Message Posted: Aug 10, 2012 9:51:57 PM Ignore jad1960 Report Abuse dumb
comprof Champion Author Houston Posts:6,875 Points:1,359,675 Joined:Jul 2009	Message Posted: Aug 10, 2012 9:46:46 PM Ignore comprof Report Abuse DAABEE1073: Right on target.
1Casey Champion Author Albany Posts:6,543 Points:1,793,910 Joined:Jun 2004	Message Posted: Aug 10, 2012 9:45:57 PM Ignore 1Casey Report Abuse greed
Wanda127 Champion Author Florida Posts:2,499 Points:916,880 Joined:May 2010	Message Posted: Aug 10, 2012 9:45:17 PM Ignore Wanda127 Report Abuse The fuel prices are so high & I really don't know how Obama thinks our economy is recovering when so many like me have dropped off the employment rolls & went for early retirement. We are not counted anymore.
DABEE1073 Champion Author San Diego Posts:8,215 Points:1,575,035 Joined:Jun 2008	Message Posted: Aug 10, 2012 9:44:23 PM Ignore DABEE1073 Report Abuse GEE!! ONLY 361,000 NEW JOBLESS CLAIMS. THANK YOU obummer FOR THE TOTALLY INEPT JOB you HAVE BEEN DOING FOR THE LAST THREE AND A HALF YEARS.
carloco75 Champion Author Richmond Posts:3,721 Points:602,965 Joined:Oct 2010	Message Posted: Aug 10, 2012 9:39:05 PM Ignore carloco75 Report Abuse Yayyyy..."progressssssssss"
rf6480 Champion Author Miami Posts:1,539 Points:549,580 Joined:Mar 2011	Message Posted: Aug 10, 2012 9:35:07 PM Ignore rf6480 Report Abuse some one found a art time min wage job so lets raise fuel prices
scubadaniel Champion Author Dayton Posts:1,436 Points:694,695 Joined:Jan 2011	Message Posted: Aug 10, 2012 9:33:41 PM Ignore scubadaniel Report Abuse "If I don't get this economy turned around in 3 years, this will be a one term proposition". Hmm.. Maybe I shouldn't have spent the first 2 years cramming the healthcare bill down America's throat and tried to fix the economy. Wait if I had worked on it for 3 years it would probably be worse than it is now. Hello Cloward and Piven!
suzmar Champion Author Texas Posts:2,213 Points:874,085 Joined:Jun 2006	Message Posted: Aug 10, 2012 9:33:36 PM Ignore suzmar Report Abuse Ethanol prices are skyrocketing due to the skyrocketing price of corn. The EPA requires a fixed amount of ethanol in each gallon of gas. This is responsible for part of the rise in prices at the pump.
Manual_Shifter All-Star Author New Brunswick Posts:501 Points:613,105 Joined:Jan 2004	Message Posted: Aug 10, 2012 9:33:15 PM Ignore Manual_Shifter Report Abuse Dum dee Dum Dum, Dum Dum!!!!
mitchell6597 Champion Author New Hampshire Posts:3,462 Points:728,360 Joined:Apr 2010	Message Posted: Aug 10, 2012 9:32:13 PM Ignore mitchell6597 Report Abuse Oh goody, more folks to go to work and hand their check over to the gasman.
CORNHICK All-Star Author Omaha Posts:597 Points:270,505 Joined:May 2008	Message Posted: Aug 10, 2012 9:30:35 PM Ignore CORNHICK Report Abuse not cool
NashGas Champion Author Nashville Posts:3,089 Points:664,680 Joined:Dec 2009	Message Posted: Aug 10, 2012 9:29:27 PM Ignore NashGas Report Abuse We are doomed.
DEG Champion Author Las Vegas Posts:17,635 Points:3,497,630 Joined:Jul 2003	Message Posted: Aug 10, 2012 9:27:41 PM Ignore DEG Report Abuse With oil and gas increasing in price; unemployment is likely to go up again.
NotmeuQc Champion Author Montreal Posts:5,656 Points:1,135,775 Joined:Apr 2009	Message Posted: Aug 10, 2012 9:27:04 PM Ignore NotmeuQc Report Abuse I'm sure gas prices will rise again early next week. We are not far from record prices in Montreal.
wulf2000 Champion Author Miami Posts:3,037 Points:1,391,630 Joined:May 2005	Message Posted: Aug 10, 2012 9:24:47 PM Ignore wulf2000 Report Abuse Oil price declines and the price of gas rises in US. Perfectly logical.
walkingtall Champion Author Toronto Posts:4,009 Points:1,123,630 Joined:Nov 2004	Message Posted: Aug 10, 2012 9:24:00 PM Ignore walkingtall Report Abuse Oil heads for second weekly gain as United States jobless claims decline and speculators will bust the economy at the first chance they get,when it finally looks bad they back off.
Blue48 Champion Author Illinois Posts:7,320 Points:1,640,870 Joined:Feb 2007	Message Posted: Aug 10, 2012 9:23:07 PM Ignore Blue48 Report Abuse BUMMER!
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Aug 10, 2012 9:19:39 PM Ignore sammy518 Report Abuse ok
bvrbill Champion Author Eugene Posts:3,238 Points:520,800 Joined:Jul 2011	Message Posted: Aug 10, 2012 9:17:36 PM Ignore bvrbill Report Abuse Prices sure aren't falling around here.
dky63 Veteran Author Illinois Posts:417 Points:166,965 Joined:Apr 2011	Message Posted: Aug 10, 2012 9:16:08 PM Ignore dky63 Report Abuse Big Oil = Record Profits
RetFireLT Champion Author Kentucky Posts:2,660 Points:171,185 Joined:Mar 2011	Message Posted: Aug 10, 2012 9:13:21 PM Ignore RetFireLT Report Abuse A bunch of BS.
jb107 Champion Author New Jersey Posts:9,564 Points:2,624,075 Joined:Sep 2005	Message Posted: Aug 10, 2012 9:11:51 PM Ignore jb107 Report Abuse There is no reason for these gas price increases. Oil has not climbed very much.
PissedCanuck Champion Author Toronto Posts:5,454 Points:1,496,130 Joined:Nov 2006	Message Posted: Aug 10, 2012 9:07:29 PM Ignore PissedCanuck Report Abuse Blame it on something else.
ZimaKC All-Star Author Pittsburgh Posts:552 Points:550,435 Joined:Jun 2004	Message Posted: Aug 10, 2012 9:06:06 PM Ignore ZimaKC Report Abuse thanks for the info
SpankyMI Champion Author Kalamazoo Posts:2,723 Points:762,205 Joined:Jan 2011	Message Posted: Aug 10, 2012 9:04:35 PM Ignore SpankyMI Report Abuse Is there a correlation between Oil prices and new unemployment claims?
Spankster85 Champion Author Chicago Posts:1,739 Points:359,765 Joined:Nov 2011	Message Posted: Aug 10, 2012 8:59:39 PM Ignore Spankster85 Report Abuse Alrighty then, so we're still screwed.
Mowerman08 Champion Author Milwaukee Posts:4,770 Points:1,219,945 Joined:Aug 2008	Message Posted: Aug 10, 2012 8:58:58 PM Ignore Mowerman08 Report Abuse Speculators will bust the economy at the first chance they get, when it finally looks bad they back off. The last time they did that, gas dropped to $3.25 a gallon. The economy started upward and the speculators jumped back in and gas is now around $3.91 a gallon.
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: Aug 10, 2012 8:58:19 PM Ignore cmsense Report Abuse Speculators and manipulation by Pig Oil got gas prices back where they want them.
must87searcher Champion Author Maryland Posts:8,997 Points:1,782,625 Joined:Apr 2008	Message Posted: Aug 10, 2012 8:56:43 PM Ignore must87searcher Report Abuse The marketers are looking for any excuse to use to raise prices.
dirt girl Champion Author Twin Cities Posts:35,971 Points:3,074,910 Joined:Oct 2004	Message Posted: Aug 10, 2012 8:56:25 PM Ignore dirt girl Report Abuse “The employment situation seems to have stabilized,” Who are they trying to kid?
TFowler513 Champion Author Memphis Posts:3,824 Points:1,416,485 Joined:Mar 2008	Message Posted: Aug 10, 2012 8:56:05 PM Ignore TFowler513 Report Abuse The only reason the jobless claims declined is because people stopped looking. Those who did find work are now under employed resulting in a less than optimal situation.
garyr86 Champion Author Michigan Posts:1,998 Points:604,665 Joined:Dec 2010	Message Posted: Aug 10, 2012 8:50:09 PM Ignore garyr86 Report Abuse US jobless claims decline is not as important as how many more people found jobs compared to how many lost jobs.
kzrooster Champion Author Kalamazoo Posts:2,400 Points:519,675 Joined:Nov 2011	Message Posted: Aug 10, 2012 8:49:28 PM Ignore kzrooster Report Abuse only because once you claim for so long you can't claim anymore. has any of our leaders done that math?
a_lu_vasile Champion Author Maryland Posts:1,254 Points:777,825 Joined:Jul 2008	Message Posted: Aug 10, 2012 8:47:00 PM Ignore a_lu_vasile Report Abuse Bad news!
darkknight1 Champion Author Winston-Salem Posts:4,350 Points:898,760 Joined:Nov 2010	Message Posted: Aug 10, 2012 8:46:29 PM Ignore darkknight1 Report Abuse Good grief! What a lame reason to raise the prices.
Edpap Champion Author Pennsylvania Posts:4,349 Points:509,100 Joined:Oct 2011	Message Posted: Aug 10, 2012 8:41:57 PM Ignore Edpap Report Abuse The real unemployment number is 30% if all the people who lost unemployment and stopped looking were counted....but DC pretends everything is ok and the ostrich approach to problems is an obama trademark of failure.
sjambok Champion Author Nashville Posts:10,283 Points:2,113,450 Joined:Apr 2006	Message Posted: Aug 10, 2012 8:36:12 PM Ignore sjambok Report Abuse The jobless numbers are a bunch of B.S.
bevmill Champion Author Georgia Posts:2,592 Points:603,245 Joined:Apr 2006	Message Posted: Aug 10, 2012 8:35:04 PM Ignore bevmill Report Abuse Good on the employment side.
CheapDiesel All-Star Author Indianapolis Posts:801 Points:177,415 Joined:Nov 2005	Message Posted: Aug 10, 2012 8:34:23 PM Ignore CheapDiesel Report Abuse They have been saying a "recovery" is right around the corner for years now, by now hopefully most people realize nothing will improve until we get a new POTUS. Sad how oil moves higher for the most trivial of reasons like cooked government numbers.
orphancarguyPE Champion Author PEI Posts:3,860 Points:736,965 Joined:Jan 2011	Message Posted: Aug 10, 2012 8:32:45 PM Ignore orphancarguyPE Report Abuse Inflation is usually linked to better than neutral economic outlooks and more precisely, better than neutral current economic RESULTS. In small controllable doses, its a GOOD thing So, accept your poison: prices go down because the handcart is ready to take us for a 'ride', or prices go up because more people are employed and can easily afford to just a tiny bit more on more people competing tobuy whatever it is
adr47 Champion Author Saskatchewan Posts:5,667 Points:1,178,750 Joined:Nov 2008	Message Posted: Aug 10, 2012 8:31:57 PM Ignore adr47 Report Abuse Speculators Back in control
humancry Champion Author Michigan Posts:4,618 Points:1,002,455 Joined:Nov 2006	Message Posted: Aug 10, 2012 8:31:50 PM Ignore humancry Report Abuse price have to come down or the economy will be in trouble write your senator and congress and the president people...
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Aug 10, 2012 8:31:37 PM Ignore Agarre Report Abuse Okie
raj_fl Champion Author Trenton Posts:3,219 Points:729,955 Joined:Oct 2010	Message Posted: Aug 10, 2012 8:31:15 PM Ignore raj_fl Report Abuse mmmmm