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Oil plunges below $97 on US demand, Europe votes

Fox News -- SINGAPORE – Oil dived below $97 a barrel Monday in Asia, bringing its fall over three trading days to about 8 percent, as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth.

Benchmark oil for June delivery was down $1.87 to $96.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $4.05 to settle at $98.49 in New York on Friday. Brent crude for June delivery was down $1.81 at $111.37 per barrel in London.

Crude has slumped about 8 percent over the last three trading sessions amid signs oil demand may be weaker than previously expected.

The Energy Department said last week that U.S. crude inventories have risen to the highest since 1990. That was followed by the Labor Department on Friday

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Submitted May 07, 2012 By: angel4me

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menagerie1013 Champion Author San Diego Posts:2,365 Points:691,490 Joined:Apr 2011	Message Posted: May 7, 2012 7:45:50 PM Ignore menagerie1013 Report Abuse The oil companies will find a myriad of reasons to keep the prices high. Oil prices are down now, but Southern California prices are increasing because they've shut down some refineries for repair.
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: May 7, 2012 7:45:45 PM Ignore mgune9 Report Abuse Gee are the speculators in a panic yet --- we sure haven't seen pump prices fall in the right proportion
rd2000 Champion Author Florida Posts:3,587 Points:689,920 Joined:Jul 2007	Message Posted: May 7, 2012 7:41:55 PM Ignore rd2000 Report Abuse yes needs to be lower.
skybiker Champion Author South Carolina Posts:7,308 Points:1,561,465 Joined:Jul 2008	Message Posted: May 7, 2012 7:39:42 PM Ignore skybiker Report Abuse Needs to be lower!!....
heysailor Champion Author Pittsburgh Posts:9,597 Points:2,335,595 Joined:Mar 2006	Message Posted: May 7, 2012 7:38:27 PM Ignore heysailor Report Abuse Gas should down 30-40 cents, not a dime
Buddy2264 Champion Author Tampa Posts:11,669 Points:2,362,895 Joined:Oct 2005	Message Posted: May 7, 2012 7:32:23 PM Ignore Buddy2264 Report Abuse Has fallen over $.35 here in the last 3 weeks.
LadyBugNIL Champion Author Illinois Posts:3,773 Points:639,345 Joined:Sep 2010	Message Posted: May 7, 2012 7:28:30 PM Ignore LadyBugNIL Report Abuse hum
flahusky All-Star Author Florida Posts:733 Points:154,590 Joined:Feb 2011	Message Posted: May 7, 2012 7:27:28 PM Ignore flahusky Report Abuse Meh, it will be back up over $100 in a day or two.
letterchunker Champion Author Texas Posts:2,245 Points:667,675 Joined:Aug 2008	Message Posted: May 7, 2012 7:25:26 PM Ignore letterchunker Report Abuse Going back up. Last I checked it was $98.09 a barrel
comprof Champion Author Houston Posts:6,875 Points:1,359,675 Joined:Jul 2009	Message Posted: May 7, 2012 7:25:22 PM Ignore comprof Report Abuse I am doing my part. I do very little non-required driving.
Toppers Champion Author Atlanta Posts:9,022 Points:2,472,645 Joined:Mar 2005	Message Posted: May 7, 2012 7:22:21 PM Ignore Toppers Report Abuse Imagine that'll be changin' soon
Topshopper2011 Champion Author New Jersey Posts:1,017 Points:278,295 Joined:Aug 2011	Message Posted: May 7, 2012 7:21:06 PM Ignore Topshopper2011 Report Abuse Reality make real gas and oil prices!
SnickersDog Champion Author Denver Posts:3,293 Points:682,935 Joined:Feb 2011	Message Posted: May 7, 2012 7:20:16 PM Ignore SnickersDog Report Abuse No jobs and people stop looking what's the need for gas?
hcivic Champion Author Virginia Posts:3,864 Points:2,267,665 Joined:Aug 2005	Message Posted: May 7, 2012 7:19:14 PM Ignore hcivic Report Abuse keep diving
HEBster Champion Author Kentucky Posts:8,798 Points:2,375,975 Joined:May 2006	Message Posted: May 7, 2012 7:18:24 PM Ignore HEBster Report Abuse Don't like the reasons but likin' the results
Pramodsharma Champion Author Richmond Posts:1,974 Points:388,140 Joined:Feb 2012	Message Posted: May 7, 2012 7:18:06 PM Ignore Pramodsharma Report Abuse Good NEWS is tickling down slowly
Agabel Champion Author Colorado Springs Posts:2,580 Points:1,160,460 Joined:Aug 2005	Message Posted: May 7, 2012 7:12:35 PM Ignore Agabel Report Abuse keep going down
gem1224 Champion Author Tulsa Posts:1,541 Points:491,640 Joined:May 2011	Message Posted: May 7, 2012 7:12:32 PM Ignore gem1224 Report Abuse Cool
camel1 Champion Author Minnesota Posts:8,280 Points:2,268,565 Joined:Jul 2006	Message Posted: May 7, 2012 7:10:48 PM Ignore camel1 Report Abuse sounds good for consumers
ItisAJeepThing Champion Author Tucson Posts:19,765 Points:2,153,530 Joined:Oct 2006	Message Posted: May 7, 2012 7:09:58 PM Ignore ItisAJeepThing Report Abuse Keep moving the price down. And keep conserving, driving less and etc. We are paying an average of $3.674 Lowest price in town is $3.569 The U.S. should buy more Canadian oil and less Brent crude!!!!
jimbo1867 Champion Author Arizona Posts:5,387 Points:2,057,475 Joined:Apr 2005	Message Posted: May 7, 2012 7:09:55 PM Ignore jimbo1867 Report Abuse keep growing
1mikeyman Rookie Author Phoenix Posts:22 Points:1,615 Joined:Apr 2011	Message Posted: May 7, 2012 7:09:02 PM Ignore 1mikeyman Report Abuse I hope gas prices will drop significantly. So far in my area it dropped very little.
petrpuck All-Star Author Hamilton Posts:559 Points:420,060 Joined:Nov 2011	Message Posted: May 7, 2012 7:06:05 PM Ignore petrpuck Report Abuse drop drop drop
bevmill Champion Author Georgia Posts:2,592 Points:602,495 Joined:Apr 2006	Message Posted: May 7, 2012 7:05:15 PM Ignore bevmill Report Abuse Finally oil prices are dropping.
Senrac Champion Author Lincoln Posts:1,594 Points:305,635 Joined:Mar 2010	Message Posted: May 7, 2012 7:03:54 PM Ignore Senrac Report Abuse good drop the price of gas
DrLyon Champion Author Michigan Posts:6,660 Points:1,213,780 Joined:May 2006	Message Posted: May 7, 2012 7:02:05 PM Ignore DrLyon Report Abuse Slow speculation and reduce the price further...
mabrams184 Champion Author Lexington Posts:2,109 Points:535,740 Joined:Aug 2011	Message Posted: May 7, 2012 6:56:38 PM Ignore mabrams184 Report Abuse I hope it lowers the price of gas more than I think it will
camaro_man Champion Author Kitchener-Waterloo Posts:2,242 Points:612,995 Joined:Jun 2010	Message Posted: May 7, 2012 6:53:57 PM Ignore camaro_man Report Abuse wow
rampower80 Champion Author Kentucky Posts:2,054 Points:463,865 Joined:Jan 2012	Message Posted: May 7, 2012 6:53:01 PM Ignore rampower80 Report Abuse Finally some good news.
OceansidePoms Champion Author Massachusetts Posts:1,680 Points:688,825 Joined:Nov 2008	Message Posted: May 7, 2012 6:52:31 PM Ignore OceansidePoms Report Abuse I honestly hope this trend continues, I hope Gas prices keep falling, that will help most of us Americans greatly! Especially those who need to travel! & Don't drive unnecessary/huge vehicles! $3.50 - $4.50 Gas is NOT working! I am being optimistic & for once seeing Good News! Lets be positive guys! Hope for the best! Don't speculate for the worst!
preacherjohn Champion Author Modesto Posts:3,998 Points:1,921,670 Joined:May 2006	Message Posted: May 7, 2012 6:51:08 PM Ignore preacherjohn Report Abuse more speculation
bigdipperMS Champion Author Mississippi Posts:1,526 Points:539,680 Joined:Apr 2011	Message Posted: May 7, 2012 6:43:22 PM Ignore bigdipperMS Report Abuse I'd rather high oil prices and fuel cost than another recession. Too many people are still suffering as it is.
PissedCanuck Champion Author Toronto Posts:5,454 Points:1,495,530 Joined:Nov 2006	Message Posted: May 7, 2012 6:43:15 PM Ignore PissedCanuck Report Abuse Hope this continues dropping.
nimpy Champion Author Indianapolis Posts:8,150 Points:1,704,030 Joined:Oct 2007	Message Posted: May 7, 2012 6:42:33 PM Ignore nimpy Report Abuse Gas price will still go up
TXHUNTER1 Champion Author Austin Posts:2,711 Points:295,735 Joined:Dec 2006	Message Posted: May 7, 2012 6:34:09 PM Ignore TXHUNTER1 Report Abuse Depression is around the corner.
dougtaylor1 Champion Author Phoenix Posts:1,761 Points:449,275 Joined:Jun 2011	Message Posted: May 7, 2012 6:32:38 PM Ignore dougtaylor1 Report Abuse Let the new french socialists pay for it.
76chevy Champion Author Toledo Posts:3,994 Points:770,605 Joined:Jun 2010	Message Posted: May 7, 2012 6:32:05 PM Ignore 76chevy Report Abuse Up and down!
gass12 Champion Author Omaha Posts:8,404 Points:2,306,640 Joined:Oct 2005	Message Posted: May 7, 2012 6:30:59 PM Ignore gass12 Report Abuse I hope it goes down to $40.00 a barell.
kretty01 Rookie Author Twin Cities Posts:34 Points:62,020 Joined:Apr 2008	Message Posted: May 7, 2012 6:29:45 PM Ignore kretty01 Report Abuse It is about time.
gknee09 All-Star Author Philadelphia Posts:985 Points:824,640 Joined:Jul 2009	Message Posted: May 7, 2012 6:28:47 PM Ignore gknee09 Report Abuse keep going!!
airjammer Rookie Author Colorado Posts:55 Points:32,515 Joined:Dec 2011	Message Posted: May 7, 2012 6:24:41 PM Ignore airjammer Report Abuse "Oil dived" ??? WTF ???
Chazzy12 Champion Author Massachusetts Posts:2,711 Points:711,710 Joined:Dec 2008	Message Posted: May 7, 2012 6:24:22 PM Ignore Chazzy12 Report Abuse Retail is dropping around here.
Romey08 Champion Author Virginia Posts:6,311 Points:1,436,490 Joined:Apr 2008	Message Posted: May 7, 2012 6:22:25 PM Ignore Romey08 Report Abuse Slowly seeing gas prices drop, too
tex_mex13 All-Star Author Austin Posts:615 Points:275,255 Joined:Jul 2011	Message Posted: May 7, 2012 6:21:44 PM Ignore tex_mex13 Report Abuse Great news
memo81 Champion Author St. Louis Posts:2,358 Points:446,450 Joined:Feb 2012	Message Posted: May 7, 2012 6:17:21 PM Ignore memo81 Report Abuse good
george70 Champion Author Columbus Posts:11,010 Points:2,879,400 Joined:May 2004	Message Posted: May 7, 2012 6:16:59 PM Ignore george70 Report Abuse cardjcsk:Oil is not available at the pumps. Try to make your comments compatible with the news item.
cardjcsk Champion Author Toronto Posts:3,960 Points:1,875,365 Joined:Feb 2007	Message Posted: May 7, 2012 6:13:46 PM Ignore cardjcsk Report Abuse But it stays high at the pumps?????????
dieselme2011 Champion Author Vancouver Posts:2,610 Points:605,765 Joined:Mar 2011	Message Posted: May 7, 2012 6:13:01 PM Ignore dieselme2011 Report Abuse I am sure with the election results in Greece it will be back up soon
h2ojumper Champion Author Austin Posts:2,570 Points:710,335 Joined:Feb 2011	Message Posted: May 7, 2012 6:12:12 PM Ignore h2ojumper Report Abuse ok
hubie24 Veteran Author Michigan Posts:315 Points:204,080 Joined:Jul 2010	Message Posted: May 7, 2012 6:11:41 PM Ignore hubie24 Report Abuse drop as much as possible before memorial day.
papakoca All-Star Author Texas Posts:649 Points:532,160 Joined:Jun 2011	Message Posted: May 7, 2012 6:11:38 PM Ignore papakoca Report Abuse I'm sure there will be some international "incident" to raise it up again.