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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:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Sep 23, 2012 8:06:16 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 5:13:56 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:1,947 Points:725,115 Joined:Sep 2010	Message Posted: Sep 19, 2012 11:22:21 AM Ignore BEGTWO Report Abuse GREAT!!!
southrob Champion Author Tucson Posts:3,600 Points:688,175 Joined:Mar 2011	Message Posted: Sep 19, 2012 1:34:49 AM Ignore southrob Report Abuse dhan for cheap gas
jkpsr Champion Author New Jersey Posts:4,084 Points:1,102,880 Joined:Jun 2005	Message Posted: Sep 19, 2012 12:30:42 AM Ignore jkpsr Report Abuse $69 would be more sustainable.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,070,800 Joined:Mar 2004	Message Posted: Sep 19, 2012 12:28:07 AM Ignore miser709 Report Abuse Dips, funny.
langolera Champion Author Akron Posts:1,766 Points:666,955 Joined:Sep 2005	Message Posted: Sep 19, 2012 12:26:03 AM 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:16,695 Points:3,032,570 Joined:Sep 2004	Message Posted: Sep 19, 2012 12:24:45 AM Ignore EVBuddy Report Abuse ok
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Sep 19, 2012 12:24:16 AM Ignore tedjm1 Report Abuse okay
boatfloyd Champion Author Jacksonville Posts:1,723 Points:388,950 Joined:Mar 2012	Message Posted: Sep 19, 2012 12:24:08 AM Ignore boatfloyd Report Abuse Keep the price coming down.
Hi1 Champion Author Ontario Posts:4,860 Points:1,725,585 Joined:Jun 2007	Message Posted: Sep 19, 2012 12:23:28 AM Ignore Hi1 Report Abuse But still not dropping
Vette1967 Champion Author Albany Posts:5,972 Points:1,276,975 Joined:Jun 2009	Message Posted: Sep 19, 2012 12:22:10 AM Ignore Vette1967 Report Abuse Show me the pump price drop.
viperND Champion Author South Bend Posts:3,315 Points:736,915 Joined:Apr 2011	Message Posted: Sep 19, 2012 12:20:25 AM Ignore viperND Report Abuse gas $2 yet?
millerin Champion Author Orlando Posts:2,317 Points:482,340 Joined:Jan 2012	Message Posted: Sep 19, 2012 12:19:49 AM Ignore millerin Report Abuse will see tomorrow
5Golfer8 Champion Author Tucson Posts:2,143 Points:301,625 Joined:Jun 2011	Message Posted: Sep 19, 2012 12:19:39 AM 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:209,180 Joined:Sep 2008	Message Posted: Sep 19, 2012 12:19:24 AM Ignore tttmikeb Report Abuse ok
Ltdc Champion Author Long Island Posts:7,220 Points:1,678,845 Joined:Jul 2007	Message Posted: Sep 19, 2012 12:15:31 AM Ignore Ltdc Report Abuse Until it shows up at the pump it doesn't help.
crreed1 Champion Author West Virginia Posts:1,990 Points:2,527,310 Joined:May 2005	Message Posted: Sep 19, 2012 12:14:29 AM Ignore crreed1 Report Abuse they drag there ass when it goes down
quasar502 Champion Author Lansing Posts:3,588 Points:802,325 Joined:Jan 2011	Message Posted: Sep 19, 2012 12:14:02 AM Ignore quasar502 Report Abuse Should be one heck of a lot lower. What a scam.
Blue_Cruzer Champion Author Lexington Posts:7,525 Points:1,670,560 Joined:Mar 2007	Message Posted: Sep 19, 2012 12:13:46 AM Ignore Blue_Cruzer Report Abuse Speculation!!
heartbroken2010 Champion Author Ottawa Posts:4,349 Points:898,510 Joined:Aug 2010	Message Posted: Sep 19, 2012 12:13:11 AM Ignore heartbroken2010 Report Abuse 1 day drop , 3 days of rising.
Bigwaynef Champion Author South Carolina Posts:11,480 Points:2,081,735 Joined:Dec 2006	Message Posted: Sep 19, 2012 12:12:03 AM Ignore Bigwaynef Report Abuse Yay, maybe gas will go down at the alarming rate of 2 cents a week...
unicornpmb Champion Author Buffalo Posts:8,496 Points:1,630,490 Joined:Sep 2005	Message Posted: Sep 19, 2012 12:09:29 AM Ignore unicornpmb Report Abuse Right.
joel27nc Champion Author Raleigh Posts:10,542 Points:1,859,345 Joined:Mar 2008	Message Posted: Sep 19, 2012 12:08:03 AM Ignore joel27nc Report Abuse What sharp drop?
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,925 Joined:Jan 2010	Message Posted: Sep 19, 2012 12:07:21 AM 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 19, 2012 12:07:03 AM Ignore inspiretl Report Abuse oil drops, gas prices stays
judgemobile Champion Author Ohio Posts:7,575 Points:2,446,110 Joined:Nov 2005	Message Posted: Sep 19, 2012 12:06:09 AM Ignore judgemobile Report Abuse greed and speculation still trump supply and demand.
ManOfLeisureII Champion Author Philadelphia Posts:1,879 Points:455,125 Joined:Jan 2012	Message Posted: Sep 19, 2012 12:04:27 AM Ignore ManOfLeisureII Report Abuse Buy oil company stocks
Ray_10589 Champion Author New York Posts:4,951 Points:1,183,960 Joined:May 2009	Message Posted: Sep 19, 2012 12:04:05 AM Ignore Ray_10589 Report Abuse Conflicting stories
PrinceLH Champion Author Ontario Posts:2,697 Points:539,020 Joined:Jun 2011	Message Posted: Sep 19, 2012 12:01:18 AM Ignore PrinceLH Report Abuse It will be a short fall and a long rise.
ProRogue Veteran Author Vancouver Posts:382 Points:1,085,990 Joined:Dec 2008	Message Posted: Sep 19, 2012 12:00:57 AM 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:2,542 Points:489,465 Joined:Sep 2011	Message Posted: Sep 18, 2012 11:59:08 PM Ignore GigHarborHound Report Abuse We'll see!!
menagerie1013 Champion Author San Diego Posts:2,365 Points:690,740 Joined:Apr 2011	Message Posted: Sep 18, 2012 11:54:11 PM Ignore menagerie1013 Report Abuse Would be nice if they passed the savings on to the consumer.
jrsva Champion Author Virginia Posts:9,857 Points:1,613,975 Joined:Jan 2006	Message Posted: Sep 18, 2012 11:53:14 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 11:42:48 PM Ignore Mustache_33 Report Abuse hm
suchont Veteran Author Los Angeles Posts:308 Points:166,715 Joined:May 2012	Message Posted: Sep 18, 2012 11:40:58 PM Ignore suchont Report Abuse .
aggietim Champion Author Fort Worth Posts:1,756 Points:693,625 Joined:Oct 2008	Message Posted: Sep 18, 2012 11:40:51 PM Ignore aggietim Report Abuse ok
SavALot Champion Author Virginia Beach Posts:8,476 Points:1,712,750 Joined:Apr 2005	Message Posted: Sep 18, 2012 11:40:31 PM Ignore SavALot Report Abuse Sharp drops and sharp rises
pgerassi Champion Author Milwaukee Posts:10,901 Points:2,132,580 Joined:Apr 2007	Message Posted: Sep 18, 2012 11:40:20 PM Ignore pgerassi Report Abuse KEEP FALLING!
GoGoGoodyear Champion Author Los Angeles Posts:2,053 Points:508,060 Joined:Mar 2010	Message Posted: Sep 18, 2012 11:38:01 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:15,546 Points:2,454,915 Joined:Oct 2005	Message Posted: Sep 18, 2012 11:36:46 PM Ignore BoerneWatch Report Abuse Wait a minute. We have declining gas inventories, increased production and oil is dropping?
DrCashFlow Champion Author Massachusetts Posts:7,074 Points:1,628,200 Joined:Jun 2008	Message Posted: Sep 18, 2012 11:34:59 PM Ignore DrCashFlow Report Abuse if fed is going to flood forever, hedge gas prices by owning some gold
abcdMA Champion Author Worcester Posts:7,927 Points:1,575,955 Joined:Nov 2008	Message Posted: Sep 18, 2012 11:34:17 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 11:34:12 PM Ignore LostToo Report Abuse "ICE Futures exchance"????? The future of ICE is water.
fowlcan Champion Author Oklahoma City Posts:2,115 Points:685,340 Joined:Feb 2011	Message Posted: Sep 18, 2012 11:29:14 PM Ignore fowlcan Report Abuse The dip here was reflected at the pump by 1Cent / gallon.
fullauto Champion Author Reading Posts:5,325 Points:1,473,040 Joined:Apr 2008	Message Posted: Sep 18, 2012 11:29:12 PM Ignore fullauto Report Abuse push-ups
IUVidiot Champion Author Indiana Posts:3,595 Points:710,410 Joined:Jun 2011	Message Posted: Sep 18, 2012 11:23:30 PM Ignore IUVidiot Report Abuse Nothing dropping here
tonoplast All-Star Author Lexington Posts:823 Points:449,185 Joined:Apr 2011	Message Posted: Sep 18, 2012 11:23:26 PM Ignore tonoplast Report Abuse Yep. The weakening dollar means every import costs more.
benjy Champion Author Chicago Posts:8,597 Points:1,789,395 Joined:Nov 2003	Message Posted: Sep 18, 2012 11:23:20 PM Ignore benjy Report Abuse oil down and gas is up... go figure...
wayoung56 Champion Author Alabama Posts:2,805 Points:819,310 Joined:Oct 2006	Message Posted: Sep 18, 2012 11:22:59 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...