Oil Prices Down in New York Trading

Moneycentral/AP ^ | 10-02-06

[rightinthemiddle]

NEW YORK (AP) - Oil prices turned lower Monday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.

On Friday, Venezuela said it would reduce oil output by 50,000 barrels a day to try to stem the recent fall in crude prices. Nigeria on Saturday said it was cutting oil exports by 5 percent, which the state-owned oil company described as a routine seasonal reduction.

By midday trading in New York, light, sweet crude for November delivery fell $1.36 to $61.57 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 15 cents on Friday to settle at $62.91 a barrel.

[rightinthemiddle]

Big drop...wonder if the specs will start running?

Gas was up a dime over the weekend in SWMO.

[RckyRaCoCo]

up a nickle in mid MI...$2.13

[rightinthemiddle]

2.05 here.

We don't need a rise in gas prices this month. Dims will cheer.

[100-Fold_Return]

Short $35.01/bbl

[Obadiah]

...Venezuela said it would reduce oil output by 50,000 barrels a day to try to stem the recent fall in crude prices.

Baaloney! Chavez needs the cash. Oh, he may SAY he's going to reduce output, in the hopes of pushing the market back up, but the reality is that he simply cannot cut production and suffer the loss of the only cash resource of the country. Traders know this.

[JackDanielsOldNo7]

Gas has been falling hard here in NC.

[MadIvan]

In Britain, summer petrol consumption was less than expected due to high prices. We now have something of a surplus of it - expect prices to fall further.

Regards, Ivan

[rightinthemiddle]

Good for you!

[rightinthemiddle]

I predicted a "dead cat" bounce Friday. So did many other Freepers.

[VeniVidiVici]

Baaloney! Chavez needs the cash. Oh, he may SAY he's going to reduce output, in the hopes of pushing the market back up, but the reality is that he simply cannot cut production and suffer the loss of the only cash resource of the country.

My thoughts too.

[Holicheese]

But Chimpy Bush can just use his special computer to make the prices go down again. He does control that and the weather.

[Recovering_Democrat]

Tom Daschle is saddened, deeply saddened.

[Young Werther]

More importantly, Bush manipulated the ball's spiral so that TO caught some balls and the Titans, (ex pat Oilers!) were creamed 45 to whatever! Go Pokes!

Now that's Cowboy Diplomacy!

[kellynla]

Nymex Crude Future 60.96 -1.95 14:53

[q_an_a]

he may ber dropping his out put to cover the lose of 7-11 and it's Citgo deal. I think cutting 50,000 barrells is tiny for 7-11 maybe the number is more like 250,000 barrels.

[rwfromkansas]

shot back up to 2.18 or so, but there still are places over the weekend where you can get it for 1.99.

It probably will fall next week after rising this week.

[hermgem]

When will voters finally come to the conclusion that more supplies have a direct impact on their wallets with lower gasoline prices.
Democrats fierce opposition to exploration keeps gas prices up and consumers feisty.
Alaska's wildlife refuge will supply amply for replacing Chavez's Venezuelan oil.
But then again, Dem's would lose another Bush hater.
Check your Senator's latest voting record against exploration in Alaska and kick him out if he/she voted no, but yes for higher gasoline prices.

[Holicheese]

Wow, how the heck did I miss that. You are so right.
For the dumbest man in the world, he sure is crafty and control a lot of things.
He is all the X-Men rolled into one dumb Satan like figure.

[mad_as_he$$]

I predicited $50/bbl by October 15 three months ago. I am so short you have to dig a hole to kick my a$$.