Oil falls a 3rd day on concern US slowdown will cut demand

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Oil falls a 3rd day on concern US slowdown will cut demand Monday, March 24, 2008
Bloomberg -- March 24 (Bloomberg) -- Crude oil fell for a third day in New York on concern the slowing U.S. economy will cut consumption and the dollar's gain will reduce demand for commodities as a hedge against inflation. Crude prices in the U.S., after losing 7.6 percent last week, are likely to slide further this spring as the country's slowing economic growth encourages traders to exit commodity markets, Goldman Sachs Group Inc. said in a report on March 20. ``Fundamentals have been weak for some time now, so the recent trigger has definitely been the bottoming dollar,'' said Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo. Investors ``are still not convinced the downtrend has finished.''
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JT Moderator	Message Posted: 3/24/2008 10:14:29 AM	Ignore JT Report Abuse
	Monday, March 24, 2008 Bloomberg -- March 24 (Bloomberg) -- Crude oil fell for a third day in New York on concern the slowing U.S. economy will cut consumption and the dollar's gain will reduce demand for commodities as a hedge against inflation. Crude prices in the U.S., after losing 7.6 percent last week, are likely to slide further this spring as the country's slowing economic growth encourages traders to exit commodity markets, Goldman Sachs Group Inc. said in a report on March 20. ``Fundamentals have been weak for some time now, so the recent trigger has definitely been the bottoming dollar,'' said Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo. Investors ``are still not convinced the downtrend has finished.'' Visit Bloomberg for full article

REPLIES (newest first)		Page: First Prev [ 1 ] 2 3 4 Next Last

nyacoub1 Sophomore Author Chicago Posts:174 Points:23,805 Joined:May 2007	Message Posted: 3/25/2008 9:56:44 AM	Ignore nyacoub1 Report Abuse
	Hopefully the prices continues to drop.
Dr Gas Rookie Author Twin Cities Posts:68 Points:82,040 Joined:May 2004	Message Posted: 3/25/2008 9:56:08 AM	Ignore Dr Gas Report Abuse
	This is nothing but a feel good item from the stupid media. It makes us feel good for awhile. We all know that the price will go back up, unless the value of the dollar fixes itself.
radrunner Veteran Author Toronto Posts:312 Points:874,940 Joined:Apr 2004	Message Posted: 3/25/2008 9:55:38 AM	Ignore radrunner Report Abuse
	my price went up $.04 today
Dennis783 Champion Author Wisconsin Posts:4,633 Points:930,120 Joined:Sep 2005	Message Posted: 3/25/2008 9:52:03 AM	Ignore Dennis783 Report Abuse
	Ok, so why isn't gas prices falling?
Gerund1 Veteran Author Toronto Posts:392 Points:734,440 Joined:Apr 2003	Message Posted: 3/25/2008 9:51:33 AM	Ignore Gerund1 Report Abuse
	The price of oil is now well under $100, from a high of $111. But still the price of gas increases. Who is fooling who???
thomas41546 All-Star Author Tennessee Posts:750 Points:600,105 Joined:Oct 2005	Message Posted: 3/25/2008 9:51:13 AM	Ignore thomas41546 Report Abuse
	Don't expect any drastic falling prices.
CatbirdWoman Veteran Author Ohio Posts:370 Points:193,020 Joined:Jan 2007	Message Posted: 3/25/2008 9:46:34 AM	Ignore CatbirdWoman Report Abuse
	I am waiting for it to go down too! (The price of gas, that is)
Don20 All-Star Author Oklahoma City Posts:715 Points:829,275 Joined:Mar 2005	Message Posted: 3/25/2008 9:46:27 AM	Ignore Don20 Report Abuse
	Some one is making money, it is not the consumer at the pump..
copperhead8 Champion Author Boston Posts:3,899 Points:1,013,445 Joined:Dec 2004	Message Posted: 3/25/2008 9:42:36 AM	Ignore copperhead8 Report Abuse
	I'm waiting for gas prices to go down.
tbradley1973 Veteran Author Indianapolis Posts:303 Points:177,910 Joined:Jun 2007	Message Posted: 3/25/2008 9:42:23 AM	Ignore tbradley1973 Report Abuse
	Same old story...
gotoneros Champion Author Syracuse Posts:1,548 Points:313,350 Joined:Jan 2007	Message Posted: 3/25/2008 9:40:36 AM	Ignore gotoneros Report Abuse
	Good BDS
woos777 All-Star Author Washington Posts:642 Points:478,205 Joined:Sep 2006	Message Posted: 3/25/2008 9:40:04 AM	Ignore woos777 Report Abuse
	When crude oil prices fall and gas prices don't means for profit for big oil
w4kh Champion Author Riverside Posts:3,090 Points:530,340 Joined:May 2004	Message Posted: 3/25/2008 9:37:27 AM	Ignore w4kh Report Abuse
	Everyone in the world is recognizing the US economy is "slowing down" and still "W" can't bring himself to address the issue, the problem, or the potential solutions... and he still is deluded into thinking he can make Iraq into a democracy in the middle of the Muslim world...
uglytom All-Star Author Florida Posts:850 Points:221,275 Joined:Jul 2007	Message Posted: 3/25/2008 9:29:13 AM	Ignore uglytom Report Abuse
	Gas prices may increase because...why not!
pgerassi Champion Author Wisconsin Posts:1,594 Points:354,965 Joined:Apr 2007	Message Posted: 3/25/2008 9:29:05 AM	Ignore pgerassi Report Abuse
	Fall price fall!
sailormon Sophomore Author Michigan Posts:159 Points:102,930 Joined:Jul 2007	Message Posted: 3/25/2008 9:25:52 AM	Ignore sailormon Report Abuse
	I'll be happy when the price drop is reflected at the pump!
RochBear All-Star Author Minnesota Posts:840 Points:341,030 Joined:May 2006	Message Posted: 3/25/2008 9:25:49 AM	Ignore RochBear Report Abuse
	This artical stinks! Demand has been down for nearly a year, and two weeks ago oil hit record highs. This is not news, and should have been on the editorial page.
REVLAW Champion Author San Antonio Posts:1,084 Points:212,330 Joined:Jul 2007	Message Posted: 3/25/2008 9:24:57 AM	Ignore REVLAW Report Abuse
	A market correction is long overdue. Apprehensive investments do not represent the overdue correction.
niceguytx Champion Author Houston Posts:4,714 Points:917,110 Joined:Sep 2005	Message Posted: 3/25/2008 9:23:09 AM	Ignore niceguytx Report Abuse
	Prices at the pump are not falling yet here.
t4204life Champion Author Ohio Posts:3,365 Points:674,110 Joined:Jun 2006	Message Posted: 3/25/2008 9:22:23 AM	Ignore t4204life Report Abuse
	gas prices up 9cents/gal,yet oil going down?
mahenv7 Sophomore Author Toronto Posts:245 Points:52,170 Joined:Oct 2004	Message Posted: 3/25/2008 9:22:05 AM	Ignore mahenv7 Report Abuse
	has it. at the pamps...
bigguy55 Champion Author Milwaukee Posts:10,928 Points:387,615 Joined:Jun 2006	Message Posted: 3/25/2008 9:21:56 AM	Ignore bigguy55 Report Abuse
	How long til it hits the pump?????
s6sputnik Champion Author Austin Posts:1,248 Points:254,535 Joined:Jun 2007	Message Posted: 3/25/2008 9:19:37 AM	Ignore s6sputnik Report Abuse
	3 days in a row :)
Rageagainsttm All-Star Author Tampa Posts:949 Points:245,295 Joined:Jul 2007	Message Posted: 3/25/2008 9:18:54 AM	Ignore Rageagainsttm Report Abuse
	yet most gas prices remain the same imagine that
Dale Jr. Champion Author Iowa Posts:7,040 Points:1,419,025 Joined:May 2004	Message Posted: 3/25/2008 9:16:23 AM	Ignore Dale Jr. Report Abuse
	I hope the price of oil keeps falling.
laddyboy62 All-Star Author Riverside Posts:606 Points:801,450 Joined:Mar 2005	Message Posted: 3/25/2008 9:15:00 AM	Ignore laddyboy62 Report Abuse
	a long way from sanity
jjulson Veteran Author North Dakota Posts:399 Points:171,385 Joined:Mar 2007	Message Posted: 3/25/2008 9:14:52 AM	Ignore jjulson Report Abuse
	ok
PokerAce Sophomore Author Louisiana Posts:226 Points:104,955 Joined:Jan 2008	Message Posted: 3/25/2008 9:13:37 AM	Ignore PokerAce Report Abuse
	Finally, some sanity....
runningmp Champion Author Corpus Christi Posts:6,359 Points:930,865 Joined:Sep 2005	Message Posted: 3/25/2008 9:08:58 AM	Ignore runningmp Report Abuse
	>>McNasties, INDEPENDENT TRUCKERS ON STRIKE, APRIL 1ST..<< Yeah, April's Fools.
titanfan93 Veteran Author Tennessee Posts:436 Points:461,010 Joined:Sep 2005	Message Posted: 3/25/2008 9:07:20 AM	Ignore titanfan93 Report Abuse
	Obviously there are some that aren't concerned ,because the price started to increase again today
Cuzilla Champion Author Indianapolis Posts:5,087 Points:832,620 Joined:Sep 2005	Message Posted: 3/25/2008 9:06:02 AM	Ignore Cuzilla Report Abuse
	Market forces at work!
Zygnatz Champion Author British Columbia Posts:4,022 Points:790,070 Joined:Oct 2005	Message Posted: 3/25/2008 9:06:00 AM	Ignore Zygnatz Report Abuse
	Pump prices continue to rise here. Diesel up 2 cents per litre yesterday.
flatcoatfun Veteran Author Orlando Posts:273 Points:84,595 Joined:Nov 2007	Message Posted: 3/25/2008 9:04:29 AM	Ignore flatcoatfun Report Abuse
	about time
gasman50 All-Star Author Portland Posts:537 Points:638,530 Joined:Nov 2005	Message Posted: 3/25/2008 9:03:34 AM	Ignore gasman50 Report Abuse
	Down baby, down
tags610 Champion Author Lincoln Posts:1,351 Points:327,425 Joined:Nov 2005	Message Posted: 3/25/2008 9:01:01 AM	Ignore tags610 Report Abuse
	It's about time the market responded to demand.
McNasties Champion Author Milwaukee Posts:3,405 Points:666,350 Joined:May 2006	Message Posted: 3/25/2008 9:00:28 AM	Ignore McNasties Report Abuse
	INDEPENDENT TRUCKERS ON STRIKE, APRIL 1ST
CyanSquirrel Sophomore Author Virginia Posts:242 Points:43,830 Joined:Jun 2004	Message Posted: 3/25/2008 8:57:20 AM	Ignore CyanSquirrel Report Abuse
	So some poor little rich guys might lose some money...awwwwwww. (Wiping tears)
KellysDad All-Star Author Jackson Posts:712 Points:245,940 Joined:May 2007	Message Posted: 3/25/2008 8:56:38 AM	Ignore KellysDad Report Abuse
	I hope Mr. Lipow's theory of a price pullback comes true sooner than later. This, unfortunately, goes against the historical price increases for spring and summer travel...
Lonewolftx Champion Author Houston Posts:4,733 Points:932,535 Joined:Sep 2005	Message Posted: 3/25/2008 8:55:25 AM	Ignore Lonewolftx Report Abuse
	Diesel has started to come down at least . . .
scrounger Champion Author Vancouver Posts:5,365 Points:1,503,785 Joined:Mar 2003	Message Posted: 3/25/2008 8:54:20 AM	Ignore scrounger Report Abuse
	but gas is still going up
Tikibirds Rookie Author Grand Rapids Posts:9 Points:239,155 Joined:Aug 2006	Message Posted: 3/25/2008 8:53:46 AM	Ignore Tikibirds Report Abuse
	Gas jumped up 0.22 today for us.
Pomonav10 Champion Author Washington Posts:1,298 Points:91,220 Joined:Jan 2008	Message Posted: 3/25/2008 8:52:36 AM	Ignore Pomonav10 Report Abuse
	And again, crude $ goes up - pump pric es go up next day. Crude $ goes down - pump prices hold steady waiting for the next crude increase.
pandarisuresh Sophomore Author New Jersey Posts:183 Points:101,915 Joined:Oct 2007	Message Posted: 3/25/2008 8:51:46 AM	Ignore pandarisuresh Report Abuse
	Good News
gbeech Veteran Author Detroit Posts:361 Points:112,590 Joined:Nov 2007	Message Posted: 3/25/2008 8:51:24 AM	Ignore gbeech Report Abuse
	Lets see the crude price drop another $10 in a week.
amearly Champion Author Michigan Posts:3,030 Points:671,565 Joined:Jan 2006	Message Posted: 3/25/2008 8:49:58 AM	Ignore amearly Report Abuse
	Yet the price here has not change since last week run up.
ILVET Champion Author Illinois Posts:5,579 Points:1,130,645 Joined:Jan 2005	Message Posted: 3/25/2008 8:49:42 AM	Ignore ILVET Report Abuse
	Poor Speculators
tobasco Champion Author Los Angeles Posts:2,363 Points:689,270 Joined:Mar 2004	Message Posted: 3/25/2008 8:48:45 AM	Ignore tobasco Report Abuse
	There is no supply problem with oil...so why the run up in price?
vascojoe Sophomore Author Washington Posts:208 Points:742,225 Joined:Aug 2005	Message Posted: 3/25/2008 8:47:44 AM	Ignore vascojoe Report Abuse
	The price of oil is not inelastic. The law of supply and demand is still true.
bug27 Champion Author Kentucky Posts:1,012 Points:985,375 Joined:Apr 2005	Message Posted: 3/25/2008 8:45:05 AM	Ignore bug27 Report Abuse
	Watch those speculators run!
CruisinLinda Champion Author Tallahassee Posts:3,759 Points:774,375 Joined:Sep 2005	Message Posted: 3/25/2008 8:43:48 AM	Ignore CruisinLinda Report Abuse
	As long as the value of the dollar increases and speculators return their money to the stock market buying corporate equities instead of commodities like oil and gas, we should see further decreases. But who would have thought we'd see a drop of $12 in less than a week. [Edited by: CruisinLinda at 3/25/2008 9:44:26 AM EST]

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