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Oil hovers above $66 after weak jobs data

The Associated Press -- Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.

By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.

Trading in the U.S. is closed Friday for the Independence Day holiday.

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Submitted Jul 03, 2009 By: GM

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fizbos Champion Author Maine Posts:2,092 Points:1,037,660 Joined:May 2006	Message Posted: Jul 3, 2009 2:10:10 PM Ignore fizbos Report Abuse Dwelling upon one day movements in the oil market is a waste of time.
w4kh Champion Author Riverside Posts:6,881 Points:1,279,445 Joined:May 2004	Message Posted: Jul 3, 2009 2:09:18 PM Ignore w4kh Report Abuse Another example of data refusing to confirm the "analysts" pontificating: the economy is still weak, which keeps the price of oil down versus the economy is rebounding and the dollar is strengthening will keeps the price of oil down... Makes me think the reporters haven't a clue!
threewheeler Champion Author Seattle Posts:2,315 Points:287,510 Joined:Jun 2008	Message Posted: Jul 3, 2009 2:08:31 PM Ignore threewheeler Report Abuse all of that bad news and they still have such a high price for a barrel of oil
day49 All-Star Author Washington Posts:932 Points:716,190 Joined:Apr 2007	Message Posted: Jul 3, 2009 2:07:20 PM Ignore day49 Report Abuse Same old song. It won't change and it will get worse once the world's economy recovers. To change the situation, need more supply (drill more) and reduce the use of petroleum to manufacturing needs and not energy needs. We need to increase use of solar, wind, hydro, geo and nuclear energy to fuel our industries and vehicles.
Bleeder Champion Author Virginia Posts:3,931 Points:818,705 Joined:Jan 2008	Message Posted: Jul 3, 2009 1:56:27 PM Ignore Bleeder Report Abuse Gas actually dropped a few cents around here to follow suit. Have not seen that in a while.
FASTR1 Champion Author Michigan Posts:5,280 Points:840,545 Joined:May 2007	Message Posted: Jul 3, 2009 1:56:23 PM Ignore FASTR1 Report Abuse Kinda funny how the president says the economy is getting better, and will thrive under his new green bill, yeah right it will cost millions more jobs, and create just a handfull. A 26 year high unemployment rate, wow, you never saw that on the mainstream news media tv cbs, nbc, msnbc, and cnn keep saying the economy is improving, and keep congratulating the President for it. The city I live in of about 10,000 now has a 24% umemployment rate, gas prices need to drop a heck of a lot more for it to help. Things aren't getting better, they're getting worse, much worse.
REKEY Champion Author South Carolina Posts:3,652 Points:731,425 Joined:May 2008	Message Posted: Jul 3, 2009 1:55:50 PM Ignore REKEY Report Abuse Hope it goes down!
Focus2 Champion Author Illinois Posts:4,020 Points:1,214,425 Joined:Mar 2006	Message Posted: Jul 3, 2009 1:49:51 PM Ignore Focus2 Report Abuse The stocks fall over grim news of economy,and in the meantime OPEC is claiming the world's economy problems are over. Please support $70 oil prices.
gypsykid Champion Author Florida Posts:2,192 Points:435,515 Joined:Apr 2009	Message Posted: Jul 3, 2009 1:48:27 PM Ignore gypsykid Report Abuse is that why gas prices are dropping a bit? i noticed them going down a few cents here
bluebird1 Champion Author Toronto Posts:10,737 Points:2,148,245 Joined:May 2004	Message Posted: Jul 3, 2009 1:48:20 PM Ignore bluebird1 Report Abuse It would be good news if Oil prices would actually affect gas prices. Here it went up by 6 cents/L for our July 1'st holiday (can't understand it as its not a long weekend for most unless you take 2 days off before or after) then has dropped down 4 cents. However, that still leaves it at $.96/L or $4.36+ / gal Cdn here. Also, being in city area of Toronto, gas has been 3-4 cents/L more than rural areas around it- only reason could be gouging, as city is a distribution point to the country area can't be extra costs.
Eichhornchen Champion Author Detroit Posts:2,737 Points:534,865 Joined:Feb 2009	Message Posted: Jul 3, 2009 1:46:53 PM Ignore Eichhornchen Report Abuse I'm sorry that speculators don't have the ammo to raise the prices
KillChain Champion Author Albuquerque Posts:2,264 Points:603,800 Joined:Jun 2006	Message Posted: Jul 3, 2009 1:38:07 PM Ignore KillChain Report Abuse The tie between oil prices and jobs is way too scary.
Iversonfan All-Star Author Richmond Posts:891 Points:61,580 Joined:Jan 2006	Message Posted: Jul 3, 2009 1:35:12 PM Ignore Iversonfan Report Abuse all of that bad news and they still have such a high price for a barrel of oil .. what planet as these people on ?
Bud122CA Champion Author California Posts:2,980 Points:681,205 Joined:Jul 2008	Message Posted: Jul 3, 2009 1:33:32 PM Ignore Bud122CA Report Abuse Oil needs to drop another $30 a barrel and we get all of our refineries working.
weenerdog Champion Author Detroit Posts:4,938 Points:942,870 Joined:Jan 2008	Message Posted: Jul 3, 2009 1:31:03 PM Ignore weenerdog Report Abuse Maybe that will lower gas prices after the holiday
snewwee Champion Author Detroit Posts:4,999 Points:1,016,055 Joined:Sep 2007	Message Posted: Jul 3, 2009 1:27:37 PM Ignore snewwee Report Abuse When all of the troops leave Iraq the cost of oil will surge due to the unrest that will re-emerge, a situation that has plagued that area for hundreds of years.
ccycles All-Star Author Missouri Posts:807 Points:637,570 Joined:Jun 2007	Message Posted: Jul 3, 2009 1:27:19 PM Ignore ccycles Report Abuse Hmmmmm sounds fishy to me. I'll think I'll go ride my bike and think about for a while.
nigelb Champion Author Virginia Posts:3,507 Points:529,440 Joined:Feb 2008	Message Posted: Jul 3, 2009 1:25:53 PM Ignore nigelb Report Abuse Prices steady here - we did not get the big holiday weekend jump that I thought we would get.
Wonderdaddie Champion Author Alabama Posts:1,125 Points:197,360 Joined:Apr 2008	Message Posted: Jul 3, 2009 1:22:54 PM Ignore Wonderdaddie Report Abuse good, should be 6 dollars per bbl since the majority of countries only pay 2.00 per bbl to extract it. [Edited by: Wonderdaddie at 7/3/2009 1:23:09 PM EST]
hmin Rookie Author Orlando Posts:73 Points:14,535 Joined:Jun 2009	Message Posted: Jul 3, 2009 1:22:01 PM Ignore hmin Report Abuse I hope it keeps the gas prices low.
OnEmptyMO Champion Author St. Louis Posts:1,959 Points:630,730 Joined:Mar 2008	Message Posted: Jul 3, 2009 1:20:54 PM Ignore OnEmptyMO Report Abuse Continue to conserve.
sjl08203 Champion Author New Jersey Posts:4,089 Points:975,290 Joined:Aug 2005	Message Posted: Jul 3, 2009 1:18:25 PM Ignore sjl08203 Report Abuse High demand, poor jobs...what is a speculator to do? [Edited by: sjl08203 at 7/3/2009 1:18:49 PM EST]
Jizme Champion Author Lincoln Posts:4,933 Points:1,932,090 Joined:Oct 2004	Message Posted: Jul 3, 2009 1:16:03 PM Ignore Jizme Report Abuse I can only hope that the prices go down more.
Tenshot All-Star Author Quad Cities Posts:610 Points:972,975 Joined:May 2005	Message Posted: Jul 3, 2009 1:14:26 PM Ignore Tenshot Report Abuse Let it hover,keep conserving
UncleCurt Champion Author Winnipeg Posts:3,592 Points:557,885 Joined:Feb 2009	Message Posted: Jul 3, 2009 1:12:31 PM Ignore UncleCurt Report Abuse "The world economy has recovered" -OPEC President Jose Maria Botelho de Vasconcelos said today in Beijing.He told reporters at the Global Think Tank Summit. From "OPEC Says ‘Satisfied’ With Current Crude Oil Price" Bloomberg Article. How can anyone lie so badly. [Edited by: UncleCurt at 7/3/2009 1:14:48 PM EST]
Toddy2009 Rookie Author Dayton Posts:2 Points:340 Joined:Jul 2009	Message Posted: Jul 3, 2009 1:10:43 PM Ignore Toddy2009 Report Abuse Gas prices have changed .20-.30 higher in just a day.
kidrockTX Champion Author Fort Worth Posts:3,854 Points:508,370 Joined:Sep 2008	Message Posted: Jul 3, 2009 1:05:39 PM Ignore kidrockTX Report Abuse gas prices have not changed here in three days. but everone said the price was going down lucky us went it goes down it will be time for it to go back up
abcdMA Champion Author Worcester Posts:3,148 Points:623,460 Joined:Nov 2008	Message Posted: Jul 3, 2009 1:01:28 PM Ignore abcdMA Report Abuse keep demand down
Skip928 Champion Author Arizona Posts:1,835 Points:691,425 Joined:Mar 2008	Message Posted: Jul 3, 2009 12:56:15 PM Ignore Skip928 Report Abuse hamdriver do you think we will get it by the government spending more than we have to give?
rnonempty Rookie Author San Antonio Posts:51 Points:120,675 Joined:May 2009	Message Posted: Jul 3, 2009 12:55:59 PM Ignore rnonempty Report Abuse Thank goodness gas prices are lower. Some financial experts did say the unemployment rate would continue to rise since it will be the last sector that makes a turnaround.
tidbitKY Champion Author Kentucky Posts:2,105 Points:418,095 Joined:Mar 2009	Message Posted: Jul 3, 2009 12:55:28 PM Ignore tidbitKY Report Abuse Keep conserving.
hamdriver Veteran Author Lansing Posts:423 Points:477,745 Joined:Feb 2008	Message Posted: Jul 3, 2009 12:55:03 PM Ignore hamdriver Report Abuse We need an economy boost real bad.
travelzonecente Champion Author Riverside Posts:1,845 Points:459,490 Joined:Jun 2008	Message Posted: Jul 3, 2009 12:54:29 PM Ignore travelzonecente Report Abuse It should be around $60.00
rwm1 Champion Author Iowa Posts:1,946 Points:844,550 Joined:Oct 2007	Message Posted: Jul 3, 2009 12:51:12 PM Ignore rwm1 Report Abuse We've yet to hit bottom with the economy, record jobless rate, housing still fragile and the credit card industry boom yet to hit. They better not trifle with oil prices getting any higher than this which is about $30 too high as it is, I don't care what OPEC wants.
mmene Champion Author Houston Posts:2,585 Points:588,395 Joined:May 2008	Message Posted: Jul 3, 2009 12:46:31 PM Ignore mmene Report Abuse Unfortunately this is only the start of bad news. Wait till unemployment crosses 10% and when america finally recognizes that it has squandered a trillion dollars on payback disguised as a stimulus. I hate to think what the economy will look like by this time next year.
C4U Champion Author Salt Lake City Posts:4,285 Points:820,545 Joined:May 2008	Message Posted: Jul 3, 2009 12:44:58 PM Ignore C4U Report Abuse But that didn't stop the gas pumps from going up again another 5 cents. Conservation is the best thing we can do. We still need to implement a fast track to alternative fuels and energy to be come energy independent from foreign support, big oil companies and local utilities monopoly.
TXGasPriceSpy Champion Author Fort Worth Posts:2,691 Points:505,495 Joined:Sep 2008	Message Posted: Jul 3, 2009 12:39:30 PM Ignore TXGasPriceSpy Report Abuse Gas prices are down by a few cents around here but they should be even lower than that. I hope they go down even more.
jeskibuff Champion Author Tampa Posts:2,607 Points:475,555 Joined:May 2004	Message Posted: Jul 3, 2009 12:39:05 PM Ignore jeskibuff Report Abuse BGCowboy....WATCH OUT!!! With comments like those, you'll have some Obama thugs on your doorstep in a matter of hours. -------------------- Skippypa says: "I still think the price of oil should be $50.00 a barrel." The price should be what the market demands. You don't want anyone from outside your industry to dictate how much you make, so why should you place demands on others outside of your industry? Supply and demand should set the price. The speculators interfere with that. So does government, so don't hope that the price goes down TOO low. Our current thugocracy will see a low price as an opportunity to place a hefty tax on the Evil Fossil Fuel and after that happens, people will line up for blocks to fill their tanks with "bargain" $3.50/gallon gas! You'll never see gas below $2/gallon again!
Grismer Champion Author Kitchener-Waterloo Posts:3,717 Points:769,215 Joined:Apr 2008	Message Posted: Jul 3, 2009 12:36:39 PM Ignore Grismer Report Abuse Drive wisely, safely, and enjoy the holiday.
GWInKyle Rookie Author Austin Posts:95 Points:84,350 Joined:Jun 2007	Message Posted: Jul 3, 2009 12:34:52 PM Ignore GWInKyle Report Abuse It's not necessarily the oil companies driving the oil prices - case in point: http://www.foxnews.com/story/0,2933,529927,00.html?loomia_ow=t0:s0:a16:g2:r4:c0.143732:b26187632:z0 Seems a rogue trader was trying to make some extra $$$ and got burned.
YLHandyman Champion Author Orange County Posts:4,599 Points:833,570 Joined:Feb 2008	Message Posted: Jul 3, 2009 12:33:24 PM Ignore YLHandyman Report Abuse No real reason that oil should be this high.
BGCowboy Veteran Author Toledo Posts:404 Points:255,720 Joined:Nov 2005	Message Posted: Jul 3, 2009 12:24:23 PM Ignore BGCowboy Report Abuse I want a car that runs on COAL... Yes, smoke-belching, pollution-making, but cheap to produce and something we have that'd last for a century or more - COAL! Screw the entire idea of ELECTRIC cars that are insanely expensive (needs to be UNDER $10,000) and have no real pulling power to haul loads and distance for meandering around out on the roads. Gimme COAL Mr. Prez!!! And power my HOUSE with it as well!
skippypa Champion Author Hawaii Posts:3,529 Points:766,090 Joined:Jun 2008	Message Posted: Jul 3, 2009 12:23:56 PM Ignore skippypa Report Abuse I still think the price of oil should be $50.00 a barrel.
esquared Champion Author Oklahoma City Posts:3,948 Points:1,146,050 Joined:Jan 2006	Message Posted: Jul 3, 2009 12:19:52 PM Ignore esquared Report Abuse Conserve HERE, conserve NOW!
abuck Champion Author Pittsburgh Posts:3,302 Points:592,120 Joined:Jul 2008	Message Posted: Jul 3, 2009 12:10:51 PM Ignore abuck Report Abuse We've actually dropped a little recently...about 10 cents a gallon. Most stations are between 2.59 and 2.69
fordfan1 Champion Author Indiana Posts:4,199 Points:917,140 Joined:Jul 2007	Message Posted: Jul 3, 2009 12:05:42 PM Ignore fordfan1 Report Abuse And gas went up here 14 cents on Wednsday too.
baitmn Champion Author New Orleans Posts:4,023 Points:1,131,950 Joined:Sep 2006	Message Posted: Jul 3, 2009 12:03:31 PM Ignore baitmn Report Abuse Ok this is not a low for the oil market, by the end of summer more than 1/3 of the usa will be out of jobs
jd2009 Champion Author Honolulu Posts:1,801 Points:562,360 Joined:Jan 2009	Message Posted: Jul 3, 2009 12:03:31 PM Ignore jd2009 Report Abuse Crude oil prices need to go below $50 a barrel ... gas prices still on the rise over here ... above $3.00
wizzard1222 Champion Author St. Louis Posts:3,723 Points:1,346,115 Joined:Mar 2006	Message Posted: Jul 3, 2009 12:01:39 PM Ignore wizzard1222 Report Abuse Get the hedge funds & investment banks out of the market!
seville04 Champion Author Albuquerque Posts:3,198 Points:1,157,540 Joined:Sep 2004	Message Posted: Jul 3, 2009 11:56:15 AM Ignore seville04 Report Abuse I hope gas prices are lower over the weekend.
REVLAW Champion Author San Antonio Posts:5,434 Points:1,035,040 Joined:Jul 2007	Message Posted: Jul 3, 2009 11:55:57 AM Ignore REVLAW Report Abuse The daily "ebb and flow" ... micro management of self-illuminating screw drivers ... senseless.