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Oil hovers above $66 after weak jobs data

The Associated Press -- Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling.

By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.

Trading in the U.S. is closed Friday for the Independence Day holiday.

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Submitted Jul 03, 2009 By: GM

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PaylessKY Champion Author Kentucky Posts:3,585 Points:664,380 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:43:21 PM Ignore PaylessKY Report Abuse I hope the price come down further.
hauler43 Champion Author Oakland Posts:4,814 Points:1,854,605 Joined:Sep 2003	Message Posted: Jul 3, 2009 6:40:37 PM Ignore hauler43 Report Abuse Lets hope it goes lower
kbierley Champion Author Dayton Posts:8,635 Points:1,072,910 Joined:Nov 2003	Message Posted: Jul 3, 2009 6:36:19 PM Ignore kbierley Report Abuse Drill for More American Oil, NOW!
eaglev Champion Author Oklahoma City Posts:2,371 Points:609,615 Joined:Jul 2005	Message Posted: Jul 3, 2009 6:31:16 PM Ignore eaglev Report Abuse OPEC still wants $75 a barrel before increasing production.
SngSingapore Sophomore Author Vancouver Posts:172 Points:126,965 Joined:Jun 2009	Message Posted: Jul 3, 2009 6:24:35 PM Ignore SngSingapore Report Abuse price always shoots up very fast but takes a while to decline
TheSnowstorm Champion Author Montreal Posts:4,448 Points:1,002,605 Joined:June 2005	Message Posted: Jul 3, 2009 6:23:24 PM Ignore TheSnowstorm Report Abuse Up and down. This is not news. It would appear that the price of oil is affected by absolutely everything, so why are they still reporting it? The volatility of the price makes it useless because it is already outdated when published.
fcdriver Champion Author Tennessee Posts:2,849 Points:599,520 Joined:Sep 2008	Message Posted: Jul 3, 2009 6:19:58 PM Ignore fcdriver Report Abuse Keep Conserving
purvismike Champion Author Wisconsin Posts:1,495 Points:301,910 Joined:Feb 2008	Message Posted: Jul 3, 2009 6:19:48 PM Ignore purvismike Report Abuse Did anyone else catch the news that China's building storage units for 200 million barrels in country???
flyfast Champion Author Kansas City Posts:4,508 Points:876,515 Joined:Jan 2008	Message Posted: Jul 3, 2009 6:09:30 PM Ignore flyfast Report Abuse WHAT WILL BE NEXT
Patch44 Champion Author Buffalo Posts:3,758 Points:899,835 Joined:Oct 2007	Message Posted: Jul 3, 2009 6:07:57 PM Ignore Patch44 Report Abuse Waiting for the price to decline even though gas seems to be holding steady.
AC-302 Champion Author Los Angeles Posts:14,850 Points:1,944,660 Joined:Aug 2004	Message Posted: Jul 3, 2009 6:05:53 PM Ignore AC-302 Report Abuse Well, there is a bright spot.. wasn't oil over $71/bbl in June? So oil has come down a bit.
Pi314CA Champion Author San Jose Posts:3,855 Points:703,165 Joined:Aug 2008	Message Posted: Jul 3, 2009 6:04:01 PM Ignore Pi314CA Report Abuse Oil AND gas has been trading down the last few days. Hope it translate to the pump soon.
Lengas Champion Author Gary Posts:8,377 Points:1,739,175 Joined:Nov 2004	Message Posted: Jul 3, 2009 6:02:49 PM Ignore Lengas Report Abuse Oil goes up, gas goes up. Oil drops down, gas still goes up.
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Jul 3, 2009 6:01:48 PM Ignore RobRD Report Abuse Analysts feel the price should be $10 less than what the market is.
Amtrgas Champion Author Oakland Posts:2,138 Points:784,390 Joined:Dec 2007	Message Posted: Jul 3, 2009 5:57:32 PM Ignore Amtrgas Report Abuse Oil is up. Oil is down. Nothing new there.
papou Champion Author Tampa Posts:5,673 Points:935,235 Joined:Jul 2005	Message Posted: Jul 3, 2009 5:55:33 PM Ignore papou Report Abuse If congress paid for their gas they wil do something about it.
jomon Rookie Author Columbus Posts:32 Points:292,270 Joined:Oct 2005	Message Posted: Jul 3, 2009 5:55:06 PM Ignore jomon Report Abuse Trickle down syndrome.....
buckoMD Champion Author Maryland Posts:3,240 Points:711,950 Joined:Jul 2007	Message Posted: Jul 3, 2009 5:52:06 PM Ignore buckoMD Report Abuse Prices will follow soon. When was the last time you didn't see prices rise before the 4th?
caddilac Champion Author Ontario Posts:10,665 Points:1,161,105 Joined:Apr 2007	Message Posted: Jul 3, 2009 5:48:28 PM Ignore caddilac Report Abuse Oil prices are tumbling, but gas prices aren't following the downward trend in oil prices.
Pozole Champion Author Portland Posts:3,189 Points:619,730 Joined:Mar 2005	Message Posted: Jul 3, 2009 5:45:57 PM Ignore Pozole Report Abuse ...bring it down...
GOLDWING2003 Champion Author California Posts:1,713 Points:421,310 Joined:Jun 2008	Message Posted: Jul 3, 2009 5:45:37 PM Ignore GOLDWING2003 Report Abuse It needs to keep on dropping and the economy needs to improve. Not sure which will happen first.
MINER Champion Author Pittsburgh Posts:8,436 Points:2,470,300 Joined:Jul 2002	Message Posted: Jul 3, 2009 5:41:03 PM Ignore MINER Report Abuse Gas prices finally dropped generally about a dime here now at the usually higher priced stations. Seem to be dragging the others, how ever reluctant slowly down also, maybe...
BBHybrid Champion Author Pittsburgh Posts:2,623 Points:528,455 Joined:Aug 2008	Message Posted: Jul 3, 2009 5:32:28 PM Ignore BBHybrid Report Abuse drill here. down with OPEC
dabuzman Champion Author Seattle Posts:3,809 Points:1,000,900 Joined:Apr 2006	Message Posted: Jul 3, 2009 5:32:08 PM Ignore dabuzman Report Abuse Have not seem any price drop on pump prices. Crude should keep dropping for about 2 more month then I hope it holds.
Kato51 Champion Author Atlanta Posts:2,834 Points:1,275,020 Joined:Jul 2005	Message Posted: Jul 3, 2009 5:21:08 PM Ignore Kato51 Report Abuse Gas prices around here have followed suit. They are 10-12 cents cheaper now than a couple of weeks ago.
WCCurtis Champion Author San Bernardino Posts:3,000 Points:918,490 Joined:Oct 2005	Message Posted: Jul 3, 2009 5:19:50 PM Ignore WCCurtis Report Abuse Probably will drop more after the July 4th holiday.
MizB Champion Author Sacramento Posts:1,154 Points:308,735 Joined:Apr 2006	Message Posted: Jul 3, 2009 5:15:42 PM Ignore MizB Report Abuse dannyshouse--I hope you are wrong. We also have been seeing prices decrease incrementally over the past two weeks. Hope it stays that way.
Cruiser340 Champion Author Grand Rapids Posts:7,520 Points:1,815,085 Joined:May 2004	Message Posted: Jul 3, 2009 5:14:01 PM Ignore Cruiser340 Report Abuse Now a days anything is an excuse for keep or raise gas prices.
gg42210 Champion Author Kentucky Posts:1,899 Points:332,970 Joined:Aug 2008	Message Posted: Jul 3, 2009 5:09:56 PM Ignore gg42210 Report Abuse greed will make prices jump this weekend again.
TXHUNTER1 Sophomore Author Austin Posts:117 Points:66,685 Joined:Dec 2006	Message Posted: Jul 3, 2009 5:05:22 PM Ignore TXHUNTER1 Report Abuse If it goes down it will be because of a worsening Depression.
dannyshouse Champion Author San Francisco Posts:1,461 Points:663,850 Joined:Apr 2008	Message Posted: Jul 3, 2009 5:05:09 PM Ignore dannyshouse Report Abuse going down a few pennies but expect an unreasonable swift jump at anytime.
traindude Champion Author Virginia Beach Posts:3,320 Points:782,225 Joined:Jun 2007	Message Posted: Jul 3, 2009 5:02:41 PM Ignore traindude Report Abuse don't worry, the recent jump in demand will bump the price at the pump for sure
paulydel Champion Author Delaware Posts:4,218 Points:466,505 Joined:Jan 2008	Message Posted: Jul 3, 2009 4:57:26 PM Ignore paulydel Report Abuse We will continue to see high prices because of greed and a weak dollar.
papagreg Champion Author Sacramento Posts:1,527 Points:512,700 Joined:Jan 2008	Message Posted: Jul 3, 2009 4:57:09 PM Ignore papagreg Report Abuse The politicians want us (the public) to demand new taxes on oil profits, thats why they won't do anything about the shameless gouging.
CiVX Champion Author Oakland Posts:3,122 Points:531,610 Joined:Feb 2009	Message Posted: Jul 3, 2009 4:51:41 PM Ignore CiVX Report Abuse Back when Richard Nixon was president there were Wage and Price Controls, maybe its time to try some new version of them, instead of the Oil Companies gouging us for as much as they can get away with.
KerryDeland Champion Author Florida Posts:2,329 Points:455,165 Joined:Jun 2008	Message Posted: Jul 3, 2009 4:51:35 PM Ignore KerryDeland Report Abuse "Oil Hovers....?" Doesn't that burn up fuel in helicptors? And ships storing oil off the coast?
moody4u Champion Author Cincinnati Posts:2,973 Points:574,150 Joined:Oct 2008	Message Posted: Jul 3, 2009 4:46:31 PM Ignore moody4u Report Abuse big greed
courier400 Champion Author Kansas Posts:9,735 Points:2,164,480 Joined:Mar 2004	Message Posted: Jul 3, 2009 4:37:27 PM Ignore courier400 Report Abuse no one cares until they lose the only job they had.
silverfox63 Champion Author Michigan Posts:3,339 Points:667,795 Joined:Oct 2008	Message Posted: Jul 3, 2009 4:36:32 PM Ignore silverfox63 Report Abuse I have a feeling that the jobs reports for the rest of the year will not be good. Obamas' stimulus program is not creating any of the jobs they said it would. With that in mind, oil should not be as high as it is.
MG_Sputnik Champion Author Philadelphia Posts:3,223 Points:1,028,830 Joined:Apr 2006	Message Posted: Jul 3, 2009 4:35:35 PM Ignore MG_Sputnik Report Abuse Oil prices do not affect gas prices these days unless they're going up.
BWD Champion Author Charleston Posts:2,407 Points:1,616,910 Joined:May 2004	Message Posted: Jul 3, 2009 4:31:17 PM Ignore BWD Report Abuse Oil falls and gas still up?
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Jul 3, 2009 4:29:04 PM Ignore nojsts Report Abuse Gas should be $1.75/gal.
Buck_on_Bass Champion Author Tennessee Posts:2,791 Points:597,930 Joined:Jul 2007	Message Posted: Jul 3, 2009 4:28:27 PM Ignore Buck_on_Bass Report Abuse The key phrase is "in light holiday trading." With markets closed, this just indicates no one anticipates a crisis affecting oil supplies will develop before US trading resumes Monday.
Gerg001 Champion Author San Bernardino Posts:2,402 Points:676,370 Joined:Feb 2006	Message Posted: Jul 3, 2009 4:22:23 PM Ignore Gerg001 Report Abuse Wish it would drop a lot more.
katmandue Champion Author Detroit Posts:3,150 Points:1,171,755 Joined:Jul 2006	Message Posted: Jul 3, 2009 4:21:41 PM Ignore katmandue Report Abuse but gas keeps going up and up.
no_monkey2002 Champion Author Tallahassee Posts:3,778 Points:1,122,215 Joined:Mar 2006	Message Posted: Jul 3, 2009 4:20:04 PM Ignore no_monkey2002 Report Abuse $45.00 a barrell is enough
Speedy1W1 All-Star Author Madison Posts:578 Points:150,740 Joined:Mar 2009	Message Posted: Jul 3, 2009 4:14:58 PM Ignore Speedy1W1 Report Abuse It took long enough to get a more normal price for gas.
LCSTEELERBOB Champion Author Gary Posts:1,588 Points:366,895 Joined:Oct 2008	Message Posted: Jul 3, 2009 4:11:47 PM Ignore LCSTEELERBOB Report Abuse Lower, lower, ans Still lower till the price is under $2.00 a gallon.
GryphonX Champion Author Nevada Posts:2,871 Points:729,505 Joined:Nov 2007	Message Posted: Jul 3, 2009 4:07:19 PM Ignore GryphonX Report Abuse You mean the economy ISN'T rebounding?????? Egads! What's happening? You mean Mr. Obama was WRONG???? He can't be wrong - someone told me he was like God!
roadjet Champion Author Baton Rouge Posts:8,881 Points:1,123,245 Joined:Jul 2007	Message Posted: Jul 3, 2009 4:06:11 PM Ignore roadjet Report Abuse I think it is really funny that an article posted here about two months ago predicted gasoline to be at $1.50 a gallon for the 4th of July. Isn't it amazing that really good news never pans out!!!!
niceguytx Champion Author Houston Posts:8,948 Points:1,746,800 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:00:38 PM Ignore niceguytx Report Abuse I hope it falls like a brick after Labor Day.
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,012,760 Joined:Sep 2006	Message Posted: Jul 3, 2009 3:53:03 PM Ignore TeachR06 Report Abuse we all know that this has nothing to do with the job data. Oil runs their own show. Even when jobs were not scarce, prices were crazy!