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Market Update

Oil falls to near $77 amid mixed demand signs

11/26/09 04:01 EST

SINGAPORE -Oil prices fell to near $77 a barrel Thursday in Asia amid mixed indications about the strength of global crude demand.

Benchmark crude for January delivery was down 79 cents to $77.17 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.94 to settle at $77.96 on Wednesday.

Trading is closed Thursday in the U.S. for the Thanksgiving holiday.

After zooming to $147 a barrel in July 2008 and crashing to $32 in December, oil prices have meandered in the high $70s for more than a month as investors weigh a slow U.S. recovery against surging Asian demand.

A weakening dollar has helped support crude prices as investors look to commodities as a hedge against inflation. On days the dollar weakens, oil usually rises though the relationship doesn't always hold.

On Thursday, dollar dived to a 14-year low of 86.27 yen from 87.35 the day before. The euro, which hit a 15-month high against the dollar Wednesday, slipped to $1.5083 from $1.5132.

The Energy Information Administration said Wednesday that crude supplies rose 1.0 million barrels while analysts had expected a rise of 1.4 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Crude inventories are up 17 million barrels from a year ago.

Demand from China, however, has grown in the last two months at its fastest pace in five years as analysts forecast 10 percent economic growth in the fourth quarter.

"The recent data mark a significant acceleration in Chinese demand," Barclays Capital said in a report. It predicts oil will average $85 a barrel next year and $137 in 2015.

In other Nymex trading, heating oil fell 2.56 cents to $1.9645 a gallon. Gasoline for December delivery dropped 2.76 cents to $1.97 a gallon. Natural gas for January delivery slid 7.3 cents to $5.09 per 1,000 cubic feet.

In London, Brent crude for January delivery fell 59 cents to $77.85 on the ICE Futures exchange.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
COMMENTS ( 66 )
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JDMNVA
2:19PM Nov 19 2009 
"Bottom line, the race is on; between falling demand and falling production," analyst Stephen Schork said. "Regardless of the outcome, one result is almost guaranteed ... the consumer will lose. And, given that consumer spending is responsible for more than two-thirds of the U.S. economy, that does not bode well for the strength of the incipient recovery."

Schork, you finally! finally!!! Said something intelligent. It felt good didnt it? Now all i would like to know is, who put the words in your mouth? It surely wasnt your usual Exxon/Mobil rhetoric.
REPLY RATING
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JDMNVA
2:17PM Nov 19 2009 
"The resistance to oil sustaining above the $80 level is very strong. There are signs of economic recovery but so far, the signals have been mixed and the sustainability of the recovery is uncertain," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.

The signals have been mixed Dictor? Well which signals are you looking at Dictor? Unemployment ****** highest level since 1983? Leading economic indicators showing a slower than expected recovery? Or mortgage defaults increasing each of the last 9 months? I dont call that mixed signals Dictor. I would call that consistent news. Consistent BAD NEWS DICTOR. But then again, I am not making my money in the oil speculation business as idiots like you that quote this garbage are.

Whoa Dictor.....more "Mixed" signals.
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JDMNVA
10:42AM Nov 19 2009 
"The resistance to oil sustaining above the $80 level is very strong. There are signs of economic recovery but so far, the signals have been mixed and the sustainability of the recovery is uncertain," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.

The signals have been mixed Dictor? Well which signals are you looking at Dictor? Unemployment ****** highest level since 1983? Leading economic indicators showing a slower than expected recovery? Or mortgage defaults increasing each of the last 9 months? I dont call that mixed signals Dictor. I would call that consistent news. Consistent BAD NEWS DICTOR. But then again, I am not making my money in the oil speculation business as idiots like you that quote this garbage are.
REPLY RATING
(1 RATINGS)
 
JDMNVA
12:05PM Nov 18 2009 
Meanwhile, the Energy Information Administration reported that the country's stockpile of crude oil fell by 900,000 barrels last week.
That’s interesting since an hour ago the API said it dropped by 2.2 million barrels. Gee, I wonder who API is?

• The American Petroleum Institute, commonly referred to as API, is the main U.S trade association for the oil and natural gas industry, representing about 400 corporations involved ...

Oh, I get it! That’s who API is. From now on, totally disregard everything the API says, unless you work for Exxon/Mobil. How crooked is this since any speculation drives oil up. How can stuff like this be legal?
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(3 RATINGS)
 
Lvlstnhlofgunfre
9:28PM Oct 19 2009 
Everything is still gonna be crappy for about another year or so. Un-employment is still up.... Figured we'd all be seeing comercials for the 2010 electric hybrids.That no-one will be able to afford.
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(5 RATINGS)
 
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