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Oil dips below $96 a day after sharp drop

The Associated Press -- PABLO GORONDI
Published: September 18th, 2012 04:31 AM
Last Modified: September 18th, 2012 04:45 AM

The price of oil slipped below $96 a barrel on Tuesday, adding to losses from the previous day, when prices took a sudden and unexplained plunge.

By early afternoon in Europe, benchmark crude for October delivery was down 82 cents at $95.80 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.38, or 2.4 percent, to finish at $96.62 a barrel on the Nymex on Monday.

In London, Brent was down 40 cents at $113.39 a barrel on the ICE Futures exchange.

On Monday afternoon in the U.S., oil suddenly plunged more than $4 per barrel in both New York and London, erasing the gains made last week when the Federal Reserve unveiled new steps to boost the U.S.

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Submitted Sep 18, 2012 By: Nitewolf

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honda0105 Champion Author Tallahassee Posts:18,570 Points:1,604,545 Joined:Nov 2008	Message Posted: Sep 23, 2012 5:06:16 AM Ignore honda0105 Report Abuse crude down, pump prices still up...
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Sep 19, 2012 2:13:56 PM Ignore CPGas1815 Report Abuse What I would like to see is a decrease of the outrageous and completely unjustified price at the pump.
BEGTWO Champion Author Maryland Posts:1,921 Points:719,470 Joined:Sep 2010	Message Posted: Sep 19, 2012 8:22:21 AM Ignore BEGTWO Report Abuse GREAT!!!
southrob Champion Author Tucson Posts:3,585 Points:685,150 Joined:Mar 2011	Message Posted: Sep 18, 2012 10:34:49 PM Ignore southrob Report Abuse dhan for cheap gas
jkpsr Champion Author New Jersey Posts:4,069 Points:1,099,105 Joined:Jun 2005	Message Posted: Sep 18, 2012 9:30:42 PM Ignore jkpsr Report Abuse $69 would be more sustainable.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,066,325 Joined:Mar 2004	Message Posted: Sep 18, 2012 9:28:07 PM Ignore miser709 Report Abuse Dips, funny.
langolera Champion Author Akron Posts:1,741 Points:661,980 Joined:Sep 2005	Message Posted: Sep 18, 2012 9:26:03 PM Ignore langolera Report Abuse yeah yeah yeah. I'll get excited when I see it at the pump. Yeah right........
EVBuddy Champion Author Nevada Posts:16,665 Points:3,026,620 Joined:Sep 2004	Message Posted: Sep 18, 2012 9:24:45 PM Ignore EVBuddy Report Abuse ok
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Sep 18, 2012 9:24:16 PM Ignore tedjm1 Report Abuse okay
boatfloyd Champion Author Jacksonville Posts:1,698 Points:383,975 Joined:Mar 2012	Message Posted: Sep 18, 2012 9:24:08 PM Ignore boatfloyd Report Abuse Keep the price coming down.
Hi1 Champion Author Ontario Posts:4,830 Points:1,719,635 Joined:Jun 2007	Message Posted: Sep 18, 2012 9:23:28 PM Ignore Hi1 Report Abuse But still not dropping
Vette1967 Champion Author Albany Posts:5,947 Points:1,272,000 Joined:Jun 2009	Message Posted: Sep 18, 2012 9:22:10 PM Ignore Vette1967 Report Abuse Show me the pump price drop.
viperND Champion Author South Bend Posts:3,285 Points:730,965 Joined:Apr 2011	Message Posted: Sep 18, 2012 9:20:25 PM Ignore viperND Report Abuse gas $2 yet?
millerin Champion Author Orlando Posts:2,289 Points:476,715 Joined:Jan 2012	Message Posted: Sep 18, 2012 9:19:49 PM Ignore millerin Report Abuse will see tomorrow
5Golfer8 Champion Author Tucson Posts:2,123 Points:297,625 Joined:Jun 2011	Message Posted: Sep 18, 2012 9:19:39 PM Ignore 5Golfer8 Report Abuse Don't worry Obama wont allow the prices at the pump to go down.
tttmikeb All-Star Author St. Louis Posts:685 Points:208,430 Joined:Sep 2008	Message Posted: Sep 18, 2012 9:19:24 PM Ignore tttmikeb Report Abuse ok
Ltdc Champion Author Long Island Posts:7,189 Points:1,672,895 Joined:Jul 2007	Message Posted: Sep 18, 2012 9:15:31 PM Ignore Ltdc Report Abuse Until it shows up at the pump it doesn't help.
crreed1 Champion Author West Virginia Posts:1,965 Points:2,522,335 Joined:May 2005	Message Posted: Sep 18, 2012 9:14:29 PM Ignore crreed1 Report Abuse they drag there ass when it goes down
quasar502 Champion Author Lansing Posts:3,558 Points:796,375 Joined:Jan 2011	Message Posted: Sep 18, 2012 9:14:02 PM Ignore quasar502 Report Abuse Should be one heck of a lot lower. What a scam.
Blue_Cruzer Champion Author Lexington Posts:7,499 Points:1,665,565 Joined:Mar 2007	Message Posted: Sep 18, 2012 9:13:46 PM Ignore Blue_Cruzer Report Abuse Speculation!!
heartbroken2010 Champion Author Ottawa Posts:4,319 Points:892,560 Joined:Aug 2010	Message Posted: Sep 18, 2012 9:13:11 PM Ignore heartbroken2010 Report Abuse 1 day drop , 3 days of rising.
Bigwaynef Champion Author South Carolina Posts:11,444 Points:2,076,760 Joined:Dec 2006	Message Posted: Sep 18, 2012 9:12:03 PM Ignore Bigwaynef Report Abuse Yay, maybe gas will go down at the alarming rate of 2 cents a week...
unicornpmb Champion Author Buffalo Posts:8,466 Points:1,624,540 Joined:Sep 2005	Message Posted: Sep 18, 2012 9:09:29 PM Ignore unicornpmb Report Abuse Right.
joel27nc Champion Author Raleigh Posts:10,512 Points:1,853,395 Joined:Mar 2008	Message Posted: Sep 18, 2012 9:08:03 PM Ignore joel27nc Report Abuse What sharp drop?
rahcat Champion Author Grand Rapids Posts:2,448 Points:658,200 Joined:Jan 2010	Message Posted: Sep 18, 2012 9:07:21 PM Ignore rahcat Report Abuse Goes up like a rocket .......drops like a feather.
inspiretl Veteran Author New Jersey Posts:417 Points:165,480 Joined:May 2012	Message Posted: Sep 18, 2012 9:07:03 PM Ignore inspiretl Report Abuse oil drops, gas prices stays
judgemobile Champion Author Ohio Posts:7,550 Points:2,441,135 Joined:Nov 2005	Message Posted: Sep 18, 2012 9:06:09 PM Ignore judgemobile Report Abuse greed and speculation still trump supply and demand.
ManOfLeisureII Champion Author Philadelphia Posts:1,854 Points:450,900 Joined:Jan 2012	Message Posted: Sep 18, 2012 9:04:27 PM Ignore ManOfLeisureII Report Abuse Buy oil company stocks
Ray_10589 Champion Author New York Posts:4,921 Points:1,178,010 Joined:May 2009	Message Posted: Sep 18, 2012 9:04:05 PM Ignore Ray_10589 Report Abuse Conflicting stories
PrinceLH Champion Author Ontario Posts:2,672 Points:534,045 Joined:Jun 2011	Message Posted: Sep 18, 2012 9:01:18 PM Ignore PrinceLH Report Abuse It will be a short fall and a long rise.
ProRogue Veteran Author Vancouver Posts:382 Points:1,085,115 Joined:Dec 2008	Message Posted: Sep 18, 2012 9:00:57 PM Ignore ProRogue Report Abuse Hear hear, jrsva! ..problem is, it's an easy 20 points. And because this forum has a limited history, these useless comments push away comments from those who may have posted something relevant. May they NEVER win gas cards!!!
GigHarborHound Champion Author Tacoma Posts:2,512 Points:483,515 Joined:Sep 2011	Message Posted: Sep 18, 2012 8:59:08 PM Ignore GigHarborHound Report Abuse We'll see!!
menagerie1013 Champion Author San Diego Posts:2,365 Points:685,765 Joined:Apr 2011	Message Posted: Sep 18, 2012 8:54:11 PM Ignore menagerie1013 Report Abuse Would be nice if they passed the savings on to the consumer.
jrsva Champion Author Virginia Posts:9,830 Points:1,608,250 Joined:Jan 2006	Message Posted: Sep 18, 2012 8:53:14 PM Ignore jrsva Report Abuse “hm” “.” “ok” Gee, i don’t know what we would do without such in-depth comments from you folks. If you cannot get a life and participate in the discussion, go on over to JFF with your fluff.
Mustache_33 All-Star Author Toronto Posts:900 Points:181,455 Joined:May 2012	Message Posted: Sep 18, 2012 8:42:48 PM Ignore Mustache_33 Report Abuse hm
suchont Veteran Author Los Angeles Posts:308 Points:166,615 Joined:May 2012	Message Posted: Sep 18, 2012 8:40:58 PM Ignore suchont Report Abuse .
aggietim Champion Author Fort Worth Posts:1,746 Points:690,375 Joined:Oct 2008	Message Posted: Sep 18, 2012 8:40:51 PM Ignore aggietim Report Abuse ok
SavALot Champion Author Virginia Beach Posts:8,449 Points:1,706,860 Joined:Apr 2005	Message Posted: Sep 18, 2012 8:40:31 PM Ignore SavALot Report Abuse Sharp drops and sharp rises
pgerassi Champion Author Milwaukee Posts:10,876 Points:2,127,605 Joined:Apr 2007	Message Posted: Sep 18, 2012 8:40:20 PM Ignore pgerassi Report Abuse KEEP FALLING!
GoGoGoodyear Champion Author Los Angeles Posts:2,046 Points:504,420 Joined:Mar 2010	Message Posted: Sep 18, 2012 8:38:01 PM Ignore GoGoGoodyear Report Abuse More than likely speculator action if the market cannot otherwise explain it. Especially after the expected rise in oil price last week caused by the Fed's QE-3, and the continuing bad news out of the middle east.
BoerneWatch Champion Author San Antonio Posts:15,515 Points:2,448,965 Joined:Oct 2005	Message Posted: Sep 18, 2012 8:36:46 PM Ignore BoerneWatch Report Abuse Wait a minute. We have declining gas inventories, increased production and oil is dropping?
DrCashFlow Champion Author Massachusetts Posts:7,049 Points:1,622,350 Joined:Jun 2008	Message Posted: Sep 18, 2012 8:34:59 PM Ignore DrCashFlow Report Abuse if fed is going to flood forever, hedge gas prices by owning some gold
abcdMA Champion Author Worcester Posts:7,902 Points:1,570,980 Joined:Nov 2008	Message Posted: Sep 18, 2012 8:34:17 PM Ignore abcdMA Report Abuse temporary drop off
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Sep 18, 2012 8:34:12 PM Ignore LostToo Report Abuse "ICE Futures exchance"????? The future of ICE is water.
fowlcan Champion Author Oklahoma City Posts:2,090 Points:679,615 Joined:Feb 2011	Message Posted: Sep 18, 2012 8:29:14 PM Ignore fowlcan Report Abuse The dip here was reflected at the pump by 1Cent / gallon.
fullauto Champion Author Reading Posts:5,295 Points:1,467,090 Joined:Apr 2008	Message Posted: Sep 18, 2012 8:29:12 PM Ignore fullauto Report Abuse push-ups
IUVidiot Champion Author Indiana Posts:3,565 Points:704,460 Joined:Jun 2011	Message Posted: Sep 18, 2012 8:23:30 PM Ignore IUVidiot Report Abuse Nothing dropping here
tonoplast All-Star Author Lexington Posts:805 Points:443,475 Joined:Apr 2011	Message Posted: Sep 18, 2012 8:23:26 PM Ignore tonoplast Report Abuse Yep. The weakening dollar means every import costs more.
benjy Champion Author Chicago Posts:8,575 Points:1,783,795 Joined:Nov 2003	Message Posted: Sep 18, 2012 8:23:20 PM Ignore benjy Report Abuse oil down and gas is up... go figure...
wayoung56 Champion Author Alabama Posts:2,780 Points:814,335 Joined:Oct 2006	Message Posted: Sep 18, 2012 8:22:59 PM Ignore wayoung56 Report Abuse Wish this news would cause gas prices to go down, but the oil companies and the NoBama administration will figure out some reason to keep prices up...