Concerns about economic growth and monetary tightening spooked traders Thursday into a sell-off that dropped the price of crude oil to below $100 a barrel.... Oil prices plummeted by almost 9 percent on Thursday as traders worried that American drivers were beginning to balk at the price of gasoline. Oil prices plunged more than 8% Thursday as weak economic data and a strengthening dollar drove crude to its biggest one-day drop since April 2009. Oil prices plunged as much as 7% Thursday as weak economic data and a strengthening dollar drove crude sharply lower. Oil prices plunged as much as 7% Thursday as weak economic data and a strengthening dollar drove crude sharply lower. Plain All American's first quarter 2011 results surpassed both our expectations for the top and bottom lines. Metals, crude oil and other commodities tumbled, pulled down by concerns first seen in the silver market that the months-long surge in raw materials prices is nearing an end. Oil futures fell more than $6 to $102.76. LONDON (Reuters) - Faltering economic growth and edginess about the impact of costly oil fueled a fourth day of aggressive selling across commodities as Brent crude headed to its biggest weekly fall in a year while silver extended an historic slide. Metals, crude oil and other commodities tumbled, pulled down by concerns first seen in the silver market that the months-long surge in raw materials prices is nearing an end. Oil futures fell more than $6 to $102.76. Forest Oil Corporation's first quarter 2011 earnings of 19 cents per share (excluding non-recurring items), came in well below the Zacks Consensus Estimate of 33 cents. share: digg facebook twitter Gasoline demand fell as motorists paid more at the pump, a trend reinforced by industry and government studies released this week. On Thursday, worries about the job market ahead of Friday's key employment report added to concerns about fuel demand. Analysts also said the lack of any terrorist retaliation of the killing of Osama bin Laden eased concerns about the safety of the world's oil fields. Earlier in the week, industry and government surveys showed that Americans are buying less gas as pump prices rise. Falling oil prices haven't affected pump prices yet, however. Oil, which is traded in dollars, tends to fall as the greenback rises and makes crude barrels more expensive for investors holding foreign money. May 5 (Reuters) - Greek Oil tanker company Capital Product Partners L.P. plans to buy rival Crude Carriers Corp for about $281.3 million in all stock, a rare deal in the sector that has seen huge erosion of pricing power caused by vessel oversupply. share: digg facebook twitter LONDON (AP) — Signs that the U.S. economy is struggling hit stocks and oil prices Thursday, while the euro dropped sharply after the European Central Bank's president declined to indicate that interest rates would rise again next month, as traders were expecting. A run of weak U.S. economic data has weighed on markets in recent days ahead of Friday's closely watched U.S. payrolls data, which often set the stock market tone for a week or two. Earlier in Asia, inflation worries remained a dominant theme in the region in a week that has already seen India's central bank lift interest rates and the People's Bank of China hint that it may do so again soon. Oil prices have been on the retreat this week as investors have worried that slowing U.S. economic growth will undermine demand for crude. share: digg facebook twitter Oil prices fell below $109 a barrel, extending a weeklong sell-off on investor concern that slowing U.S. economic growth will undermine demand for crude. Investors weighed trades cautiously as analysts warned that inflation remained a major drag on the region despite various actions by central banks in China, India, South Korea and elsewhere to cool rising prices by raising interest rates and taking other steps to reduce the amount of money sloshing around their economies. On Tuesday, China's central bank said its top priorities were stabilizing consumer prices and managing inflation expectations. The same day, India's central bank raised its key interest rate, its ninth hike in just over a year, and warned that persistent inflation is threatening growth in Asia's third-largest economy. Mainland Chinese shares edged higher as investors snapped up bargains following the Shanghai benchmark's biggest loss in more than 2 months the day before. Signs that the U.S. economic recovery is slowing dragged down oil prices, which hurts the energy companies whose fortunes depend on them. share: digg facebook twitter Oil prices fell below $109 a barrel, extending a weeklong sell-off on investor concern that slowing U.S. economic growth will undermine demand for crude. Investors weighed trades cautiously as analysts warned that inflation remained a major drag on the region despite various actions by central banks in China, India, South Korea and elsewhere to cool rising prices by raising interest rates and taking other steps to reduce the amount of money sloshing around their economies. The same day, India's central bank raised its key interest rate, its ninth hike in just over a year, and warned that persistent inflation is threatening growth in Asia's third-largest economy. In a separate report, the Institute for Supply Management said its service sector index rose at the slowest pace in 8 months in April, as many companies express concerns about higher food and gas prices. The U.S. service industry employs about 90 percent of the U.S. work force, so signs of a slowdown in the service sector index have implications for the overall economy. Signs that the U.S. economic recovery is slowing dragged down oil prices, which hurts the energy companies whose fortunes depend on ... Argentina's billionaire Eskenazi family is paying $1.3 billion to boost its stake in Repsol YPF SA's Argentine unit to about 25 percent, increasing control over the oil producer as crude prices hover near a two-year high. share: digg facebook twitter The Fed's low interest rates have kept the dollar weak. Since commodities are priced in dollars, a weaker dollar makes them more of a bargain for buyers who use other currencies. [...] oil prices declined after a government report showed that supplies of petroleum products are growing as demand weakens in the U.S. Benchmark crude for June delivery fell $1.81 to settle at $109.24 a barrel on the New York Mercantile Exchange. In other Nymex trading for June contracts, heating oil lost 4.78 cents to settle at $3.143 per gallon, gasoline futures slipped 0.69 cent to $3.3225 per gallon and natural gas dropped 9.4 cents to $4.644 per 1,000 cubic feet.
Key Words: crude oil
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Thursday, May 5, 2011
Crude Oil Drops Below $100 a Barrel Falls prices slide in UK U.S. tumble 8% 7% as dollar rises Plains Beats Updates Guidance Analyst Blog Commodities Dive dive on jitters about economy demand Plunge Forest Lags Estimates Commodity trader price will continue to rise because there is no more oil left drops below worry of weaker US UPDATE 1Tanker company Capital Product buy Carriers for $281.3 mln Euro waning ECB rate hike expectations World markets wary signs struggling Asian slip Argentine Eskenazi Pays Repsol $1.3 Billion Boost YPF Stake Silver lead broad commodities selloff
