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GasBuddy News Article

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Oil ends well below $84, loses over 8% on week

MarketWatch -- Crude-oil futures settled below $84 a barrel Friday, losing more than 8% for the week as the latest economic data from the U.S., China and Europe dulled global prospects for energy demand.

Natural gas led the losses in the energy sector, dropping 4% after posting a gain for the month of May.

The benchmark July contract for light, sweet crude oil shed $3.30, or 3.8%, to settle at $83.23 a barrel on the New York Mercantile Exchange. Futures prices, which closed at their lowest since Oct. 7, were 8.4% lower for the week.

“Oil and the entire energy complex has finished substantially lower this week due to the [deluge] of negative news and uncertainty on outlook on the worldwide economy in the near term,” said Tariq Zahir, managing member at Tyche Capital Advisors.


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Submitted Jun 03, 2012 By: brbaritone
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil ends well below $84, loses over 8% on week Back to Topics
REPLIES (newest first) Post a Reply
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sparky808
Champion Author Honolulu

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Message Posted: Jun 4, 2012 1:34:44 PM

Thank you for posting.
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alterman156
Champion Author New York

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Points:1,894,625
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Message Posted: Jun 4, 2012 1:45:36 AM

I hope that gasoline prices drop further.
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el_fr
Champion Author Massachusetts

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Message Posted: Jun 4, 2012 12:20:50 AM

Keep dropping!
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KrsnaDragon
Champion Author Montreal

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Message Posted: Jun 4, 2012 12:12:32 AM

Speculation breeds despair.
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Blue_Cruzer
Champion Author Lexington

Posts:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Jun 4, 2012 12:02:50 AM

Drop some more, to around $75.00
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jem069
Champion Author Detroit

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Message Posted: Jun 4, 2012 12:01:21 AM

ok
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jrschl
Champion Author Louisville

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Message Posted: Jun 4, 2012 12:01:13 AM

Keep on dropping.
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wild3bill
Champion Author New York

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Message Posted: Jun 4, 2012 12:01:13 AM

OK
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clermont40miles
Champion Author Cincinnati

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Message Posted: Jun 3, 2012 11:56:56 PM

Long,long overdue. Run up has been ridiculous and unsupported by fundamentals but that is normal. Wrong but normal.

Keep falling!
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Holly123
Champion Author Charlotte

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Message Posted: Jun 3, 2012 11:55:15 PM

Ok ....
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cokezero
All-Star Author Philadelphia

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Message Posted: Jun 3, 2012 11:54:40 PM

Maybe they'll raise ten cents because it rained today
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skybiker
Champion Author South Carolina

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Message Posted: Jun 3, 2012 11:52:07 PM

Gas Stations are gouging us right now....
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bonzoonfmb
Champion Author Florida

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Message Posted: Jun 3, 2012 11:50:03 PM

U.S. domestic gas prices are still too high.
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qwerty17
Champion Author New Jersey

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Message Posted: Jun 3, 2012 11:49:54 PM

oils well that ends well.
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boatmen
Champion Author New York

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Message Posted: Jun 3, 2012 11:46:52 PM

Go lower Gas to damm high
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dinomen
Champion Author Arkansas

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Message Posted: Jun 3, 2012 11:44:06 PM

Good!!
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5Golfer8
Champion Author Tucson

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Message Posted: Jun 3, 2012 11:43:14 PM

Fuel is still way too high!
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tippybuddy
Champion Author Ontario

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Message Posted: Jun 3, 2012 11:43:11 PM

hope it keeps losing
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bbreff
Champion Author Atlanta

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Message Posted: Jun 3, 2012 11:41:43 PM

8% next week.

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DandyDapple
All-Star Author North Dakota

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Message Posted: Jun 3, 2012 11:41:19 PM

Price fixing ...
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CTarp
Champion Author Texas

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Message Posted: Jun 3, 2012 11:40:41 PM

Love it!
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sillywagon
Champion Author New York

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Message Posted: Jun 3, 2012 11:39:54 PM

I read about the falling price of crude oil. I wanted to tell the US economy. I was told I could find it in a nursing home. When I visited the economy, it told me it could not get out of the bed. The economy told me it was weak.

[Edited by: sillywagon at 6/3/2012 11:39:50 PM EST]
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Goody2317
All-Star Author Wilmington

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Message Posted: Jun 3, 2012 11:39:24 PM

Let it go lower.
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knot2swift
Champion Author Calgary

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Joined:Nov 2009
Message Posted: Jun 3, 2012 11:37:12 PM

Funny the gas stations saw fit to raise the price of gasoline from $109.9 to $116.9 around here Thursday night as we slept.

They all called each other Friday and asked "What? You raised your price 7% last night? So did we! What a coincidence!"
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nztyraider
Champion Author Nevada

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Message Posted: Jun 3, 2012 11:34:56 PM

Cool.
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twotanksaweek
Veteran Author Dayton

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Message Posted: Jun 3, 2012 11:34:46 PM

Ain't it funny that the pump prices didn't drop 8.4% in the past week? I think we dropped about 16 cents here in southwest Ohio, or about 4.4%. Hummmmmmm.
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rf6480
Champion Author Miami

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Message Posted: Jun 3, 2012 11:34:35 PM

how low will it go???
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DarthDadJr
Champion Author Virginia

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Message Posted: Jun 3, 2012 11:34:33 PM

It will be interesting to see how long the fall in oil prices lasts...
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monarch57
Champion Author British Columbia

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Message Posted: Jun 3, 2012 11:33:05 PM

is great news I hope it keeps going down to $60 a barrel and keep it there.
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beachmanglen
Champion Author Tampa

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Message Posted: Jun 3, 2012 11:29:32 PM

Prices should continue to fall with the weak economy. However, the Government printing presses are keeping some upward pressure on prices.
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mstearno
Champion Author Dayton

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Message Posted: Jun 3, 2012 11:25:14 PM

real good
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toneOH
All-Star Author Ohio

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Message Posted: Jun 3, 2012 11:21:52 PM

k
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milespergallon
Champion Author Illinois

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Joined:Feb 2007
Message Posted: Jun 3, 2012 11:21:28 PM

Last time the barrel was this price the pump price was about $3.30. The time before it was about $2.75.
Pump prices stink, time for HYDROGEN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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blazerbob91
Champion Author Milwaukee

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Message Posted: Jun 3, 2012 11:20:29 PM

So much for supply & demand
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granitestater
Champion Author New Hampshire

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Message Posted: Jun 3, 2012 11:19:53 PM

Where have the jobs gone?
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SquawBear
Champion Author Fresno

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Message Posted: Jun 3, 2012 11:19:11 PM

Yeah! Propane is $1.98 here in Squaw Valley. It will drop close to $1 by August.
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MG_Sputnik
Champion Author Philadelphia

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Message Posted: Jun 3, 2012 11:18:36 PM

You know Obozo will take credit for this. .
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silverfoxv65
Champion Author Michigan

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Message Posted: Jun 3, 2012 11:18:09 PM

What a mess the speculators have made!
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MRHONEST
Champion Author Illinois

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Message Posted: Jun 3, 2012 11:17:32 PM

I am littery weeping!
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abcdMA
Champion Author Worcester

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Message Posted: Jun 3, 2012 11:17:26 PM

sign of a weak economy
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Soglaos
Champion Author Virginia Beach

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Message Posted: Jun 3, 2012 11:17:09 PM

Ok
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rbrk02
Champion Author Rhode Island

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Message Posted: Jun 3, 2012 11:15:40 PM

Keep dropping. Hopefully, the price at the pump will keep dropping as well.
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DesertRat2011
Champion Author Riverside

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Message Posted: Jun 3, 2012 11:12:38 PM

Now if gas & diesel will follow
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kymechanic
Champion Author Kentucky

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Message Posted: Jun 3, 2012 11:10:40 PM

Good news but won't last long!
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serrog
Champion Author Nova Scotia

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Message Posted: Jun 3, 2012 11:08:23 PM

Temporary glitch no doubt
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MDTDriver
Champion Author California

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Message Posted: Jun 3, 2012 11:02:12 PM

And gas price may drop 1%.
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TXryder
Champion Author Texas

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Joined:Jan 2012
Message Posted: Jun 3, 2012 10:54:33 PM

And the manipulators/speculators are still making money. They are shorting the market.
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TFowler513
Champion Author Memphis

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Message Posted: Jun 3, 2012 10:53:24 PM

Like Facebook and and Mark Zuckerberg, oil can stand to loose more than what has already been lost!!! There are many others out there that are struggling from day to day.
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bumpygas
Champion Author Nebraska

Posts:9,699
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Message Posted: Jun 3, 2012 10:52:57 PM

And the pump price is lucky if it has dropped 2%. You call it 'oil industry greed'.
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boldrph
Champion Author Topeka

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Message Posted: Jun 3, 2012 10:51:23 PM

we're down another nickel today
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