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Author Topic: Oil futures cool after heady rally as dollar rises Back to Topics
brbaritone
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Virginia

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Message Posted: Jul 20, 2012 6:12:34 AM

Benchmark U.S. crude-oil futures gave back some gains from their seven-day climb during Asian trading hours Friday, as a rising dollar helped weigh on the oil market.

Crude for August delivery traded 0.7% lower at $92.06 a barrel, down 60 cents from its $92.66 settlement on the New York Mercantile Exchange.

The loss came as the U.S. dollar edged higher, with the dollar index DXY rising to 82.972 from 82.926 late Thursday in North America. Gains for the dollar tend to depress the price of dollar-denominated commodities, such as oil.

Nymex crude had rallied $2.79, or 3.1%, in Thursday trade, boosted by geopolitical concerns after Israel’s Prime Minister Benjamin Netanyahu said Iran was responsible for a recent deadly terror attack aimed at Israeli tourists in Bulgaria and said Israel ...
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REPLIES (newest first) Post a Reply
DerHahn
Champion Author Illinois

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Message Posted: Jul 21, 2012 10:49:35 AM

too bad the gasoline futures didn't cool as well before reaching current pricing. will be watching to see what happens to local pump prices on monday.
DanMtz
Champion Author Oakland

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Message Posted: Jul 21, 2012 10:05:02 AM

Maybe the economy's not dead after all.
MidNJ
Champion Author New Jersey

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Message Posted: Jul 20, 2012 7:42:55 PM

It is amazing how as soon as the price of oil goes up a few dollars a barrel prices at the pump immediately go up by leaps and bounds, but when the oil price comes down a few dollars just as quickly the price at the pump still lingers on at high prices.
PathfinderSC
Champion Author South Carolina

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Message Posted: Jul 20, 2012 5:34:04 PM

Oil is still to high, Greed it trying push it up
Night Owl
Champion Author Toronto

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Message Posted: Jul 20, 2012 4:07:59 PM

Traders need to be banned from even looking at oil futures. We need to get back to the laws of supply and demand controlling oil prices.
dh0770
Champion Author Colorado

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Message Posted: Jul 20, 2012 2:38:17 PM

In a real market these forces would work, but in this colluded, manipulated thing called wall street, it doesn't matter what the truth and facts are!
Jeff4U
Champion Author Atlanta

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Message Posted: Jul 20, 2012 11:43:55 AM

Crude is now at $91.00
Wholesale gas is at $2.90 (you can expect $3.40 or more at the pump)
58salty
Champion Author Jacksonville

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Message Posted: Jul 20, 2012 10:48:26 AM

Still too high at the pump.
investmentdr
Champion Author Cleveland

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Message Posted: Jul 20, 2012 10:24:13 AM

-1.5% now
knutzAL
Champion Author Alabama

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Message Posted: Jul 20, 2012 9:51:59 AM

Its the dollar!
amerk73
Champion Author Dallas

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Message Posted: Jul 20, 2012 9:36:08 AM

WTI Crude Oil now at
$90.96
bigmoo63
Champion Author Kalamazoo

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Message Posted: Jul 20, 2012 9:26:31 AM

Once again, no rhyme or reason for this. Guess its hard to price something that doesnt really exist at this time.
molebaby96
Champion Author Tallahassee

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Message Posted: Jul 20, 2012 8:34:11 AM

Prices needs to go down at the pump.
Luckylindy
Champion Author Milwaukee

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Message Posted: Jul 20, 2012 8:26:23 AM

Good keep it down.
Xavier80
Champion Author Victoria

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Message Posted: Jul 20, 2012 7:38:04 AM

That's good
scu227
Champion Author New Haven

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Message Posted: Jul 20, 2012 7:33:10 AM

Will the pump prices drop today at the pump? When the futures go up the pump prices increase almost immediately, why don't they drop the same way?
BEGTWO
Champion Author Maryland

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Message Posted: Jul 20, 2012 7:27:25 AM

GOOD
Point__man
Champion Author Raleigh

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Message Posted: Jul 20, 2012 7:27:23 AM

up, down, all around; will it ever stabilize again or is this new Global Market just too big too handle ? Maybe isolationism wasn't so bad after all. We were prosperous during those times w/o all these global trade agreements. Seems Global Trading cost us jobs and tanked our economy ;)
Evilmaddog
Champion Author British Columbia

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Message Posted: Jul 20, 2012 7:26:58 AM

blah,blah
derKraut
Champion Author Ontario

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Message Posted: Jul 20, 2012 7:26:36 AM

Good direction but the speculators will look for other reason to raise them again. Criminals.
stonecold5005
All-Star Author Waco

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Message Posted: Jul 20, 2012 7:26:12 AM

ok
humblepie
Champion Author Toledo

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Message Posted: Jul 20, 2012 7:25:22 AM

inflation is rearing its ugly head
TomT2Lee
Champion Author Cincinnati

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Message Posted: Jul 20, 2012 7:15:19 AM

Fundamentally, the global economy is a train wreck. Politically it is worse. We are in for some extremely painful times.
Zeke33
Champion Author New Hampshire

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Message Posted: Jul 20, 2012 7:12:02 AM

Only a short relief in the upward travel as price ratchet up....again.
lcleveland
Champion Author San Antonio

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Message Posted: Jul 20, 2012 7:07:43 AM

ok
cee68
All-Star Author Arizona

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Message Posted: Jul 20, 2012 7:04:41 AM

ok
JohnofGB
Champion Author Flint

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Message Posted: Jul 20, 2012 6:59:28 AM

No shortage but prices are rising................again.
TheMeltz
Champion Author Maryland

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Message Posted: Jul 20, 2012 6:58:27 AM

ok
GingoutMD
Champion Author Maryland

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Message Posted: Jul 20, 2012 6:54:50 AM

I'm glad the US dollar is trading higher overseas, but it sucks that it impacts the price of oil futures.
grandpadon28110
Champion Author Charlotte

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Message Posted: Jul 20, 2012 6:53:40 AM

Go dollar.
gasmad666
Champion Author Illinois

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Message Posted: Jul 20, 2012 6:53:10 AM

ok
fjkcpa
Champion Author Houston

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Message Posted: Jul 20, 2012 6:52:25 AM

2nd verse, same as the 1st...
gs7101
Champion Author San Antonio

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Message Posted: Jul 20, 2012 6:43:49 AM

We've all seen this happen before -- nothing new!
Wally3023
Champion Author Pennsylvania

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Message Posted: Jul 20, 2012 6:35:05 AM

Sure, but the prices already spiked up a bit. How long until they trickle back down.
bkplenge
Champion Author Tallahassee

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Message Posted: Jul 20, 2012 6:32:47 AM

Such a relief that prices are "down" to $92.06. This will really help the economy, won't it?
dorisntx
Champion Author Fort Worth

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Message Posted: Jul 20, 2012 6:32:22 AM

whatever
humblepie
Champion Author Toledo

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Message Posted: Jul 20, 2012 6:24:37 AM

daytraders make money going up and going down
doeslayersr
Champion Author Illinois

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Message Posted: Jul 20, 2012 6:19:49 AM

Whatever. No valid reason for the rise of the dollar. Another round of quantitative easing will will further sink the dollar like a rock (and prices sky rocket as the result).
brbaritone
Champion Author Virginia

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Message Posted: Jul 20, 2012 6:13:51 AM

The article continues:

would respond with force. The jump marked crude futures’ seventh straight higher settlement.

But those concerns appeared to ease, with Citi Futures analysts saying uncertainty over oil’s future direction has grown.

“We’d suggest taking at least partial profits on any long positions and turn cautious on any new positions, as the next $5 swing could be in either direction,” they said.

The oil-futures market appears to have already priced in stronger seasonal demand, less output from the Organization of the Petroleum Exporting Countries and more from non-OPEC countries, as well as a roughly 1% weakening in global demand, Citi Futures said.

However, a QE3 from the U.S. Federal Reserve and military action against Iran weren’t reflected in the current price, they said.
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