Skip to comments.Oil prices slump on US payrolls data (WTI Crude drops below $100/bl)
Posted on 05/04/2012 11:11:02 AM PDT by OrangeHoof
LONDON World oil prices nosedived on Friday, hitting three-month lows as a disappointing US non-farm payrolls report sparked fresh concern over energy demand in the world's biggest crude consuming nation.
In later afternoon deals on Friday, Brent oil stood at $112.27, down $3.81 from Thursday's closing level, while WTI traded at $98.25, down a hefty $4.29.
(Excerpt) Read more at google.com ...
West Texas Intermediate crude has fallen below $100/bl to $97.88/bl, a drop of $4.66 (4.54%).
Brent Crude (Europe) price tumbled $3.66 to $112.50/bl.
The linked story ties it into today's BLS jobs report and fears of a global economic slowdowm.
While the price decrease normally takes a few months to be reflected at the pumps, my local gas station has dropped regular from $3.71 to $3.63 recently and I saw it as low as $3.48 about 100 miles to the north.
Who said berry could not bring oil prices.
Forgot the down.
I’m sure the White House is torn about this, hoping to find a way to kill jobs AND raise energy prices, ...
Y’up...those evil speculators now driving the price down.
Earlier this week gas here in NE Indiana went from $3.73 to $3.99.
But...but...the unemployment rate went down. The economy is improving! The network news told me so.
I have a PhD in global economics, and my think tank has concluded global energy prices have killed the economy already.
This was the recipe we followed in the 70’s and 80’s to rescue the sinking dollar then. Our economy will be the first to rebound when oil falls to $50 a barrel.
China, what about China, they still have to feed 1.2 billion people a day. That is a lot of rice round eye.
The evil speculators are taking it in the shorts. That’s what Obeyme and his minions never understood. For every party bidding long, there’s a counter party going short.
Markets operate just fine if they can operate without someone grabbing the leavers of government power to distort them one way or the other.
Dolt. Leave the levers.
Learn to spell.
Must have done a swap with southcentral PA--in last two weeks a drop from $3.99 to $3.75 and in some places $3.69.
Soooo...gas will be $1.80 per gallon by next week?
The high gas and oil prices have already done their damage to the economy. In fact, our economy can’t handle gas prices over $3.25/gallon.
Think the Saudi’s are trying to influence our election?