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Oil Declines a Second Day on Demand Outlook for Europe, China

Bloomberg -- Oil fell for a 2nd day before a meeting of European officials amid speculation the region’s debt crisis and a slowdown in China will curb fuel demand.

Futures slid as much as 0.7 percent after capping a third weekly decline on Oct. 5, the longest run of losses since June.

“The prospects for any really significant increase in demand doesn’t seem to be there, it’s difficult for traders to get too bullish.”

Cutting bullish bets:

Oil in New York is breaching long-term technical support at $89.83 a barrel, according to data compiled by Bloomberg. On the weekly chart, that’s the 50 percent Fibonacci retracement of the drop to $32.40 in December 2008 from an intraday record high of $147.27 in July that year. Losses tend to accelerate below chart-support levels.

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Submitted Oct 08, 2012 By: MidNJ

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honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Oct 14, 2012 2:15:33 AM Ignore honda0105 Report Abuse life as we know it is declining. Let's face it. Time to look for a new direction. Not locally, but globally.
jrs4125 Champion Author Indiana Posts:2,753 Points:590,770 Joined:Sep 2011	Message Posted: Oct 9, 2012 1:19:36 AM Ignore jrs4125 Report Abuse No stability anywhere on fuel prices.
bwatchingu Champion Author Arkansas Posts:1,735 Points:599,670 Joined:Jan 2009	Message Posted: Oct 8, 2012 1:01:52 PM Ignore bwatchingu Report Abuse watching
investmentdr Champion Author Cleveland Posts:4,019 Points:1,453,850 Joined:Sep 2008	Message Posted: Oct 8, 2012 5:10:26 AM Ignore investmentdr Report Abuse keep on keeping on
Discovery02 Champion Author Colorado Springs Posts:2,540 Points:308,715 Joined:May 2012	Message Posted: Oct 8, 2012 4:56:52 AM Ignore Discovery02 Report Abuse Hedge Fund traders, speculators, gamblers...and we pay the bill.
BIGOILEATURCRUD Champion Author North Carolina Posts:5,756 Points:1,376,695 Joined:Nov 2008	Message Posted: Oct 8, 2012 4:51:39 AM Ignore BIGOILEATURCRUD Report Abuse >>Wish gas buddy would ask our members "How many gallons of fuel do you use per week compared to last year at this time?" My bet would be we are all using less.<< ================================== My bet would be consumption might be down due to increased efficiency, but distance traveled remains the same. Consumers are still consuming.
ramman2012 Champion Author Edmonton Posts:2,318 Points:495,460 Joined:May 2011	Message Posted: Oct 8, 2012 4:16:09 AM Ignore ramman2012 Report Abuse ok
scu227 Champion Author New Haven Posts:4,146 Points:770,905 Joined:Feb 2011	Message Posted: Oct 8, 2012 2:13:19 AM Ignore scu227 Report Abuse Keep on dropping and bring down gas prices at the pump
Evilmaddog Champion Author British Columbia Posts:3,317 Points:956,575 Joined:Aug 2010	Message Posted: Oct 8, 2012 1:55:30 AM Ignore Evilmaddog Report Abuse yet gas prices are on the rise
grandpadon28110 Champion Author Charlotte Posts:4,711 Points:1,141,335 Joined:Sep 2008	Message Posted: Oct 8, 2012 1:26:47 AM Ignore grandpadon28110 Report Abuse Good.
CptnCanada Champion Author Saskatoon Posts:7,007 Points:914,975 Joined:Jun 2008	Message Posted: Oct 8, 2012 1:21:03 AM Ignore CptnCanada Report Abuse Oil drops ... pump prices rise..
otherdave Champion Author Indiana Posts:3,383 Points:1,267,210 Joined:Oct 2008	Message Posted: Oct 8, 2012 1:20:13 AM Ignore otherdave Report Abuse Still $3.80 to $4.00 here.
municipal Sophomore Author Illinois Posts:248 Points:366,265 Joined:May 2011	Message Posted: Oct 8, 2012 1:20:04 AM Ignore municipal Report Abuse Regular 4.09 in Chicagoland!!
alleycatMO Champion Author Kansas City Posts:1,192 Points:290,955 Joined:Feb 2012	Message Posted: Oct 8, 2012 1:17:33 AM Ignore alleycatMO Report Abuse Gas prices today are 3.56
Bobmilan Champion Author Louisville Posts:1,190 Points:473,625 Joined:Sep 2011	Message Posted: Oct 8, 2012 1:15:49 AM Ignore Bobmilan Report Abuse Those gosh-darn speculators again dropping price...er, uh. Get back to you on this one.
paoli8 Champion Author Philadelphia Posts:7,076 Points:1,818,720 Joined:Jul 2007	Message Posted: Oct 8, 2012 1:14:54 AM Ignore paoli8 Report Abuse Pumps prices in my are nothing to cheer about
Brucevanf Champion Author New Brunswick Posts:1,351 Points:243,310 Joined:Aug 2012	Message Posted: Oct 8, 2012 1:13:09 AM Ignore Brucevanf Report Abuse They are trying to desensitise us so they can charge anything they want for Gas no matter what the price of oil is.
bama56 Champion Author Alabama Posts:3,617 Points:1,392,840 Joined:Nov 2008	Message Posted: Oct 8, 2012 1:12:21 AM Ignore bama56 Report Abuse still to much
bama56 Champion Author Alabama Posts:3,617 Points:1,392,840 Joined:Nov 2008	Message Posted: Oct 8, 2012 1:12:05 AM Ignore bama56 Report Abuse good
PurduePete86 Champion Author Indiana Posts:2,154 Points:1,153,070 Joined:Apr 2007	Message Posted: Oct 8, 2012 1:12:00 AM Ignore PurduePete86 Report Abuse Prices up 10 cents in Northern Indiana . . . we are getting hosed.
JCI46009IN Champion Author Indiana Posts:2,129 Points:439,570 Joined:Sep 2011	Message Posted: Oct 8, 2012 1:10:49 AM Ignore JCI46009IN Report Abuse Prices up here in Indiana
LoneGuy Champion Author Lansing Posts:8,475 Points:2,317,020 Joined:Aug 2005	Message Posted: Oct 8, 2012 1:10:44 AM Ignore LoneGuy Report Abuse We haven't seen it in Mid Michigan.
speedraider Champion Author Orlando Posts:3,668 Points:1,643,920 Joined:Nov 2005	Message Posted: Oct 8, 2012 1:10:26 AM Ignore speedraider Report Abuse slide baby slide
kobes1 Champion Author Florida Posts:2,487 Points:555,885 Joined:Aug 2011	Message Posted: Oct 8, 2012 1:10:24 AM Ignore kobes1 Report Abuse Ok
EMoe57 Champion Author Jacksonville Posts:4,612 Points:1,015,065 Joined:Apr 2009	Message Posted: Oct 8, 2012 1:10:23 AM Ignore EMoe57 Report Abuse old
Rockinrobby Veteran Author Tallahassee Posts:444 Points:276,990 Joined:Mar 2011	Message Posted: Oct 8, 2012 1:10:06 AM Ignore Rockinrobby Report Abuse yeah, but what about the pump?
jimmy544 Champion Author Boston Posts:4,104 Points:652,880 Joined:Feb 2011	Message Posted: Oct 8, 2012 1:10:02 AM Ignore jimmy544 Report Abuse Time for a drop in prices at the pump. Wonder how long it will take...
JSX515 Champion Author St. Louis Posts:3,709 Points:800,620 Joined:Feb 2011	Message Posted: Oct 8, 2012 1:09:46 AM Ignore JSX515 Report Abuse wish I had a decline in Obozo on my screen
scottydoesnt Champion Author Chicago Posts:3,777 Points:528,495 Joined:Apr 2011	Message Posted: Oct 8, 2012 1:08:57 AM Ignore scottydoesnt Report Abuse Too bad gas prices jumped over 10 cents here yesterday. Back over $4 per gallon again. :(
Xavier80 Champion Author Victoria Posts:1,773 Points:377,465 Joined:Apr 2012	Message Posted: Oct 8, 2012 1:07:50 AM Ignore Xavier80 Report Abuse ok
turbosaab Champion Author Cleveland Posts:19,009 Points:2,339,220 Joined:Sep 2006	Message Posted: Oct 8, 2012 1:07:41 AM Ignore turbosaab Report Abuse The price of gasoline makes no sense in light of this precipitous drop in oil price.
judgemobile Champion Author Ohio Posts:7,565 Points:2,444,160 Joined:Nov 2005	Message Posted: Oct 8, 2012 1:07:21 AM Ignore judgemobile Report Abuse I "demand" it comes down a lot more
Harry813 Champion Author Iowa Posts:2,995 Points:659,915 Joined:Jul 2011	Message Posted: Oct 8, 2012 1:05:30 AM Ignore Harry813 Report Abuse Price at pump is still to high!
DexLucas Champion Author South Carolina Posts:1,229 Points:341,105 Joined:Feb 2012	Message Posted: Oct 8, 2012 1:05:27 AM Ignore DexLucas Report Abuse ok
THEDodgeman Champion Author Denver Posts:7,987 Points:1,945,565 Joined:Apr 2005	Message Posted: Oct 8, 2012 1:05:27 AM Ignore THEDodgeman Report Abuse whoopie
heartbroken2010 Champion Author Ottawa Posts:4,339 Points:896,560 Joined:Aug 2010	Message Posted: Oct 8, 2012 1:05:14 AM Ignore heartbroken2010 Report Abuse no money = less buying where ever you live.
mrbee Champion Author Little Rock Posts:3,749 Points:2,464,705 Joined:Oct 2005	Message Posted: Oct 8, 2012 1:05:05 AM Ignore mrbee Report Abuse More CNG.
bobzilla11 Champion Author Indiana Posts:1,192 Points:493,495 Joined:May 2011	Message Posted: Oct 8, 2012 1:04:34 AM Ignore bobzilla11 Report Abuse speculate baby speculate
fillerupyeoww Champion Author Columbus Posts:5,874 Points:1,648,465 Joined:Mar 2008	Message Posted: Oct 8, 2012 1:04:32 AM Ignore fillerupyeoww Report Abuse No help at the pump.
ClarkSC Champion Author South Carolina Posts:3,073 Points:1,010,430 Joined:May 2010	Message Posted: Oct 8, 2012 1:04:18 AM Ignore ClarkSC Report Abuse Goes up, goes down.
jimraehl Champion Author Utah Posts:7,059 Points:1,635,615 Joined:Sep 2008	Message Posted: Oct 8, 2012 1:04:11 AM Ignore jimraehl Report Abuse Maybe lower gas prices, maybe not.
calripken_8 Champion Author Virginia Posts:2,896 Points:658,215 Joined:Jun 2011	Message Posted: Oct 8, 2012 1:03:39 AM Ignore calripken_8 Report Abuse Decline, yeah right... tomorrow something else will come along, it's a BOHICA
Ziggy1962 Champion Author New Jersey Posts:5,741 Points:1,809,710 Joined:Aug 2006	Message Posted: Oct 8, 2012 1:03:31 AM Ignore Ziggy1962 Report Abuse We will see.
MBAcura Champion Author Orlando Posts:2,355 Points:667,090 Joined:Apr 2011	Message Posted: Oct 8, 2012 1:03:14 AM Ignore MBAcura Report Abuse Sure, so shut down some refineries. Change in November.
livewire300 Champion Author South Carolina Posts:3,370 Points:166,260 Joined:Jun 2011	Message Posted: Oct 8, 2012 1:01:41 AM Ignore livewire300 Report Abuse Decline...
BJ1947 Champion Author Oklahoma Posts:1,272 Points:479,675 Joined:Mar 2011	Message Posted: Oct 8, 2012 1:00:09 AM Ignore BJ1947 Report Abuse Sure!
JimL1 Champion Author Phoenix Posts:8,212 Points:1,241,295 Joined:Jul 2003	Message Posted: Oct 8, 2012 12:59:33 AM Ignore JimL1 Report Abuse Bring on CNG!
brbts Champion Author Charlotte Posts:3,633 Points:774,415 Joined:Feb 2011	Message Posted: Oct 8, 2012 12:59:19 AM Ignore brbts Report Abuse I think we'd be a lot better off if we could drill our own and KEEP our own here and not have to worry about the "world market". But since we're giving our country away to these countries we have to pay for it.
CarpenterNJ Champion Author New Jersey Posts:1,237 Points:511,790 Joined:Sep 2011	Message Posted: Oct 8, 2012 12:58:01 AM Ignore CarpenterNJ Report Abuse We shall see.
GasPriceHelp4u Champion Author Dayton Posts:2,682 Points:567,825 Joined:Jul 2008	Message Posted: Oct 8, 2012 12:56:48 AM Ignore GasPriceHelp4u Report Abuse Great news for US consumers as long as it is reflected at the pump!!!