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Oil edges up to near $93 after big 2-week sell-off

Anchorage Daily News online -- PABLO GORONDI
The Associated Press

Published: May 18th, 2012 04:31 AM
Last Modified: May 18th, 2012 04:45 AM

Oil prices edged toward $93 a barrel Friday as financial markets stabilized after a sharp two-week sell-off caused by the latest flare-up in Europe's debt crisis and a gloomy economic outlook.

By early afternoon in Europe, benchmark oil for June delivery was up 16 cents to $92.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to settle at $92.56 in New York on Thursday.

In London, Brent crude for July delivery was down 49 cents at $107 per barrel on the ICE Futures exchange.

Crude prices had dropped 13 percent from $106 two weeks ago, when the U.S. reported weaker than expected job numbers, followed by signs last week that China's

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Submitted May 18, 2012 By: Nitewolf

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REPLIES (newest first)Ignore Short Messages

PathfinderSC Champion Author South Carolina Posts:9,657 Points:1,858,340 Joined:Mar 2008	Message Posted: May 18, 2012 5:09:29 PM Ignore PathfinderSC Report Abuse Going the wrong way.
MustangRacing Champion Author Virginia Posts:1,968 Points:676,110 Joined:May 2011	Message Posted: May 18, 2012 3:35:59 PM Ignore MustangRacing Report Abuse still way too high.
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: May 18, 2012 2:43:36 PM Ignore dh0770 Report Abuse What a joke "big two week sell off"
BUSMAN1105 Champion Author Atlanta Posts:2,256 Points:1,197,425 Joined:Aug 2008	Message Posted: May 18, 2012 1:04:28 PM Ignore BUSMAN1105 Report Abuse NO, NO, NO, IT NEEDS TO DROP NOT GO UP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
MOREDLEG Champion Author Missouri Posts:2,786 Points:637,485 Joined:May 2011	Message Posted: May 18, 2012 12:45:57 PM Ignore MOREDLEG Report Abuse Needs to keep dropping
djwhit Champion Author Ohio Posts:3,152 Points:1,236,155 Joined:Jul 2009	Message Posted: May 18, 2012 12:44:10 PM Ignore djwhit Report Abuse THATS GREAT.....BUT THE OIL CO's KNOW THAT A GAL. SHOULD BE $2.70 OR $2.80.....
Night Owl Champion Author Toronto Posts:7,690 Points:1,814,900 Joined:Jul 2004	Message Posted: May 18, 2012 12:17:39 PM Ignore Night Owl Report Abuse Greedy oil speculators can't stop being greedy.
lesabreAZ Champion Author Phoenix Posts:1,819 Points:438,945 Joined:Nov 2011	Message Posted: May 18, 2012 11:58:15 AM Ignore lesabreAZ Report Abuse must be the facebook effect
paulsond Sophomore Author Maryland Posts:242 Points:530,195 Joined:Sep 2008	Message Posted: May 18, 2012 10:50:25 AM Ignore paulsond Report Abuse it goes up and down
molebaby96 Champion Author Tallahassee Posts:2,173 Points:529,005 Joined:Nov 2011	Message Posted: May 18, 2012 10:49:07 AM Ignore molebaby96 Report Abuse Needs to drop at the pump.
tatker Champion Author Asheville Posts:2,107 Points:586,330 Joined:Dec 2010	Message Posted: May 18, 2012 10:35:58 AM Ignore tatker Report Abuse come on opec I thought you said 90 $ was just right...
Norm10 Champion Author British Columbia Posts:3,396 Points:165,955 Joined:Dec 2010	Message Posted: May 18, 2012 10:32:27 AM Ignore Norm10 Report Abuse And gasoline prices around here have yet to come down.
Sethyl Champion Author Miami Posts:1,894 Points:405,165 Joined:Oct 2009	Message Posted: May 18, 2012 10:32:02 AM Ignore Sethyl Report Abuse it should still be falling.
johntxx Champion Author Texas Posts:2,943 Points:644,020 Joined:Aug 2011	Message Posted: May 18, 2012 10:29:26 AM Ignore johntxx Report Abuse WTI as of May 18, 2012 09:17 AM CT Last Price = $91.89 Day Change = $-0.67 [Edited by: johntxx at 5/18/2012 10:30:48 AM EST]