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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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jvf514 Rookie Author Chicago Posts:68 Points:36,520 Joined:Mar 2012	Message Posted: Jun 7, 2013 9:34:10 AM Ignore jvf514 Report Abuse .. [Edited by: jvf514 at 6/7/2013 10:35:45 AM EST]
honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Sep 23, 2012 7:06:16 AM Ignore honda0105 Report Abuse crude down, pump prices still up...
CPGas1815 Champion Author Michigan Posts:6,034 Points:1,101,695 Joined:Apr 2008	Message Posted: Sep 19, 2012 4:13:56 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:2,077 Points:751,315 Joined:Sep 2010	Message Posted: Sep 19, 2012 10:22:21 AM Ignore BEGTWO Report Abuse GREAT!!!
southrob Champion Author Tucson Posts:3,741 Points:715,875 Joined:Mar 2011	Message Posted: Sep 19, 2012 12:34:49 AM Ignore southrob Report Abuse dhan for cheap gas
jkpsr Champion Author New Jersey Posts:4,212 Points:1,128,890 Joined:Jun 2005	Message Posted: Sep 18, 2012 11:30:42 PM Ignore jkpsr Report Abuse $69 would be more sustainable.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,094,825 Joined:Mar 2004	Message Posted: Sep 18, 2012 11:28:07 PM Ignore miser709 Report Abuse Dips, funny.
langolera Champion Author Akron Posts:1,901 Points:693,530 Joined:Sep 2005	Message Posted: Sep 18, 2012 11:26:03 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:16,835 Points:3,059,295 Joined:Sep 2004	Message Posted: Sep 18, 2012 11:24:45 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 11:24:16 PM Ignore tedjm1 Report Abuse okay
boatfloyd Champion Author Jacksonville Posts:1,863 Points:416,650 Joined:Mar 2012	Message Posted: Sep 18, 2012 11:24:08 PM Ignore boatfloyd Report Abuse Keep the price coming down.
Hi1 Champion Author Ontario Posts:5,000 Points:1,753,285 Joined:Jun 2007	Message Posted: Sep 18, 2012 11:23:28 PM Ignore Hi1 Report Abuse But still not dropping
Vette1967 Champion Author Albany Posts:6,112 Points:1,304,675 Joined:Jun 2009	Message Posted: Sep 18, 2012 11:22:10 PM Ignore Vette1967 Report Abuse Show me the pump price drop.
viperND Champion Author South Bend Posts:3,457 Points:763,640 Joined:Apr 2011	Message Posted: Sep 18, 2012 11:20:25 PM Ignore viperND Report Abuse gas $2 yet?
millerin Champion Author Orlando Posts:2,332 Points:487,315 Joined:Jan 2012	Message Posted: Sep 18, 2012 11:19:49 PM Ignore millerin Report Abuse will see tomorrow
5Golfer8 Champion Author Tucson Posts:2,263 Points:326,925 Joined:Jun 2011	Message Posted: Sep 18, 2012 11:19:39 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:213,430 Joined:Sep 2008	Message Posted: Sep 18, 2012 11:19:24 PM Ignore tttmikeb Report Abuse ok
Ltdc Champion Author Long Island Posts:7,350 Points:1,703,845 Joined:Jul 2007	Message Posted: Sep 18, 2012 11:15:31 PM Ignore Ltdc Report Abuse Until it shows up at the pump it doesn't help.
crreed1 Champion Author West Virginia Posts:2,105 Points:2,551,690 Joined:May 2005	Message Posted: Sep 18, 2012 11:14:29 PM Ignore crreed1 Report Abuse they drag there ass when it goes down
quasar502 Champion Author Lansing Posts:3,723 Points:829,050 Joined:Jan 2011	Message Posted: Sep 18, 2012 11:14:02 PM Ignore quasar502 Report Abuse Should be one heck of a lot lower. What a scam.
Blue_Cruzer Champion Author Lexington Posts:7,660 Points:1,697,285 Joined:Mar 2007	Message Posted: Sep 18, 2012 11:13:46 PM Ignore Blue_Cruzer Report Abuse Speculation!!
heartbroken2010 Champion Author Ottawa Posts:4,490 Points:926,210 Joined:Aug 2010	Message Posted: Sep 18, 2012 11:13:11 PM Ignore heartbroken2010 Report Abuse 1 day drop , 3 days of rising.
Bigwaynef Champion Author South Carolina Posts:11,681 Points:2,109,410 Joined:Dec 2006	Message Posted: Sep 18, 2012 11:12:03 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:8,631 Points:1,657,215 Joined:Sep 2005	Message Posted: Sep 18, 2012 11:09:29 PM Ignore unicornpmb Report Abuse Right.
joel27nc Champion Author Raleigh Posts:10,677 Points:1,886,070 Joined:Mar 2008	Message Posted: Sep 18, 2012 11:08:03 PM Ignore joel27nc Report Abuse What sharp drop?
rahcat Champion Author Grand Rapids Posts:2,700 Points:690,875 Joined:Jan 2010	Message Posted: Sep 18, 2012 11:07:21 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 11:07:03 PM Ignore inspiretl Report Abuse oil drops, gas prices stays
judgemobile Champion Author Ohio Posts:7,705 Points:2,472,635 Joined:Nov 2005	Message Posted: Sep 18, 2012 11:06:09 PM Ignore judgemobile Report Abuse greed and speculation still trump supply and demand.
ManOfLeisureII Champion Author Philadelphia Posts:2,020 Points:481,775 Joined:Jan 2012	Message Posted: Sep 18, 2012 11:04:27 PM Ignore ManOfLeisureII Report Abuse Buy oil company stocks
Ray_10589 Champion Author New York Posts:5,086 Points:1,211,435 Joined:May 2009	Message Posted: Sep 18, 2012 11:04:05 PM Ignore Ray_10589 Report Abuse Conflicting stories
PrinceLH Champion Author Ontario Posts:2,832 Points:565,745 Joined:Jun 2011	Message Posted: Sep 18, 2012 11:01:18 PM Ignore PrinceLH Report Abuse It will be a short fall and a long rise.
ProRogue Veteran Author Vancouver Posts:384 Points:1,095,005 Joined:Dec 2008	Message Posted: Sep 18, 2012 11:00:57 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:2,674 Points:515,215 Joined:Sep 2011	Message Posted: Sep 18, 2012 10:59:08 PM Ignore GigHarborHound Report Abuse We'll see!!
menagerie1013 Champion Author San Diego Posts:2,365 Points:711,940 Joined:Apr 2011	Message Posted: Sep 18, 2012 10:54:11 PM Ignore menagerie1013 Report Abuse Would be nice if they passed the savings on to the consumer.
jrsva Champion Author Virginia Posts:10,004 Points:1,641,675 Joined:Jan 2006	Message Posted: Sep 18, 2012 10:53:14 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 10:42:48 PM Ignore Mustache_33 Report Abuse hm
suchont Veteran Author Los Angeles Posts:308 Points:170,015 Joined:May 2012	Message Posted: Sep 18, 2012 10:40:58 PM Ignore suchont Report Abuse .
aggietim Champion Author Fort Worth Posts:1,831 Points:717,200 Joined:Oct 2008	Message Posted: Sep 18, 2012 10:40:51 PM Ignore aggietim Report Abuse ok
SavALot Champion Author Virginia Beach Posts:8,623 Points:1,739,410 Joined:Apr 2005	Message Posted: Sep 18, 2012 10:40:31 PM Ignore SavALot Report Abuse Sharp drops and sharp rises
pgerassi Champion Author Milwaukee Posts:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: Sep 18, 2012 10:40:20 PM Ignore pgerassi Report Abuse KEEP FALLING!
GoGoGoodyear Champion Author Los Angeles Posts:2,119 Points:530,990 Joined:Mar 2010	Message Posted: Sep 18, 2012 10:38:01 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:15,692 Points:2,481,865 Joined:Oct 2005	Message Posted: Sep 18, 2012 10:36:46 PM Ignore BoerneWatch Report Abuse Wait a minute. We have declining gas inventories, increased production and oil is dropping?
DrCashFlow Champion Author Massachusetts Posts:7,204 Points:1,654,785 Joined:Jun 2008	Message Posted: Sep 18, 2012 10:34:59 PM Ignore DrCashFlow Report Abuse if fed is going to flood forever, hedge gas prices by owning some gold
abcdMA Champion Author Worcester Posts:8,057 Points:1,601,705 Joined:Nov 2008	Message Posted: Sep 18, 2012 10:34:17 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 10:34:12 PM Ignore LostToo Report Abuse "ICE Futures exchance"????? The future of ICE is water.
fowlcan Champion Author Oklahoma City Posts:2,215 Points:710,620 Joined:Feb 2011	Message Posted: Sep 18, 2012 10:29:14 PM Ignore fowlcan Report Abuse The dip here was reflected at the pump by 1Cent / gallon.
fullauto Champion Author Reading Posts:5,430 Points:1,493,915 Joined:Apr 2008	Message Posted: Sep 18, 2012 10:29:12 PM Ignore fullauto Report Abuse push-ups
IUVidiot Champion Author Indiana Posts:3,730 Points:737,135 Joined:Jun 2011	Message Posted: Sep 18, 2012 10:23:30 PM Ignore IUVidiot Report Abuse Nothing dropping here
tonoplast All-Star Author Lexington Posts:890 Points:470,175 Joined:Apr 2011	Message Posted: Sep 18, 2012 10:23:26 PM Ignore tonoplast Report Abuse Yep. The weakening dollar means every import costs more.
benjy Champion Author Chicago Posts:8,710 Points:1,815,275 Joined:Nov 2003	Message Posted: Sep 18, 2012 10:23:20 PM Ignore benjy Report Abuse oil down and gas is up... go figure...