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Oil falls on fresh signs of global slowdown

Bloomberg -- Oil prices plunged as bleak reports on U.S. job growth and manufacturing heightened worries about a slowing global economy.

Benchmark oil fell $3.49 to $83.04 per barrel Friday in New York after earlier dropping to $82.56 per barrel. The 3.7 percent drop adds to a 17 percent decline in May. Brent crude lost $3.49, or 3.4 percent, to $98.32 per barrel, its lowest price since February 2011.

The reports on jobs and manufacturing are the latest signals that the U.S. economy is growing more slowly. At the same time, Europe is embedded in a financial crisis and China's government is working to prevent economic growth there from slowing too quickly. That's led to rising concerns that oil demand may weaken in the months ahead.

U.S. employers added 69,000 jobs in May, the government said, which

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Submitted Jun 02, 2012 By: angel4me

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honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Jun 6, 2012 5:55:36 AM Ignore honda0105 Report Abuse can't keep spending and wasting when there's no jobs and no more money to be borrowed.
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Jun 5, 2012 5:39:31 AM Ignore honda0105 Report Abuse comprof: I s'pose that person you are referring to has influence on the Chinese and the Indian economies too, right?
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Jun 5, 2012 5:38:49 AM Ignore honda0105 Report Abuse crude mail fall, but pump prices won't. Americans have steadily declined in their fuel consumption since about 2005 or 2006. Much of the oil refined in the US now is getting sent overseas.
qwerty17 Champion Author New Jersey Posts:3,660 Points:1,119,625 Joined:Oct 2009	Message Posted: Jun 3, 2012 11:41:17 PM Ignore qwerty17 Report Abuse fall oil.
comprof Champion Author Houston Posts:6,875 Points:1,359,675 Joined:Jul 2009	Message Posted: Jun 3, 2012 1:32:04 AM Ignore comprof Report Abuse And the economy will keep slowing until we get rid of this Alinsky POTUS.
pgerassi Champion Author Milwaukee Posts:10,911 Points:2,134,530 Joined:Apr 2007	Message Posted: Jun 3, 2012 12:59:03 AM Ignore pgerassi Report Abuse ok.
stratlinetime Champion Author Kalamazoo Posts:2,291 Points:566,535 Joined:Feb 2011	Message Posted: Jun 3, 2012 12:04:14 AM Ignore stratlinetime Report Abuse Still waiting for the economic turn around
TheSicilian Champion Author Jacksonville Posts:5,394 Points:1,472,675 Joined:Feb 2009	Message Posted: Jun 3, 2012 12:03:14 AM Ignore TheSicilian Report Abuse good that prices drop
mstearno Champion Author Dayton Posts:8,080 Points:1,734,140 Joined:Jan 2008	Message Posted: Jun 3, 2012 12:02:20 AM Ignore mstearno Report Abuse recession coming
raj_fl Champion Author Trenton Posts:3,219 Points:729,955 Joined:Oct 2010	Message Posted: Jun 2, 2012 11:59:06 PM Ignore raj_fl Report Abuse we need a recession to reset things here and that should make the oil fall
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Jun 2, 2012 11:57:53 PM Ignore jessek Report Abuse Keep going down.
Dsin44 Champion Author Abbotsford Posts:1,272 Points:273,185 Joined:Apr 2011	Message Posted: Jun 2, 2012 11:55:31 PM Ignore Dsin44 Report Abuse and gas is still 1.45 a liter here
tidalwave3 Champion Author Tallahassee Posts:1,309 Points:1,466,400 Joined:Jun 2008	Message Posted: Jun 2, 2012 11:54:39 PM Ignore tidalwave3 Report Abuse No mention of Aug 29 at 73.72 and now the US Dollar index is at 82.89 :))
DustyHorse Champion Author Virginia Posts:6,098 Points:1,393,795 Joined:Oct 2008	Message Posted: Jun 2, 2012 11:54:23 PM Ignore DustyHorse Report Abuse The drag on the economy from high fuel prices just showed up in the economic numbers.
SparkieMi Champion Author Kalamazoo Posts:3,277 Points:591,330 Joined:Sep 2011	Message Posted: Jun 2, 2012 11:49:33 PM Ignore SparkieMi Report Abuse Interesting....
Dodge_Me Champion Author Atlanta Posts:2,214 Points:558,480 Joined:Mar 2006	Message Posted: Jun 2, 2012 11:48:15 PM Ignore Dodge_Me Report Abuse Would still be better with lower prices, it'll lower fuel costs for business's
gmcgas Champion Author Atlanta Posts:5,968 Points:1,716,345 Joined:Mar 2004	Message Posted: Jun 2, 2012 11:43:58 PM Ignore gmcgas Report Abuse short term.
crewsing Veteran Author Virginia Posts:391 Points:85,030 Joined:Feb 2012	Message Posted: Jun 2, 2012 11:42:16 PM Ignore crewsing Report Abuse Keep dropping!
soncorn Veteran Author Missouri Posts:286 Points:1,298,945 Joined:Aug 2006	Message Posted: Jun 2, 2012 11:36:34 PM Ignore soncorn Report Abuse Lower prices could provide a short term economic boost, but it is doubtful they will stay low for any appreciable amount of time.
nehemiah Champion Author Portland Posts:4,771 Points:932,565 Joined:Jul 2007	Message Posted: Jun 2, 2012 11:36:22 PM Ignore nehemiah Report Abuse zzzzzzzzzzzzz
jad1960 Champion Author Gary Posts:1,555 Points:405,375 Joined:Feb 2012	Message Posted: Jun 2, 2012 11:32:16 PM Ignore jad1960 Report Abuse Lower oil prices mean lower gas prices when in the next century.
jetskijerry Champion Author North Carolina Posts:3,911 Points:775,195 Joined:Mar 2011	Message Posted: Jun 2, 2012 11:31:56 PM Ignore jetskijerry Report Abuse I lose either way.
Ray_10589 Champion Author New York Posts:4,961 Points:1,185,910 Joined:May 2009	Message Posted: Jun 2, 2012 11:31:05 PM Ignore Ray_10589 Report Abuse Let's see it at the pump!
ACTown Champion Author Oregon Posts:2,349 Points:1,432,120 Joined:Jun 2007	Message Posted: Jun 2, 2012 11:30:06 PM Ignore ACTown Report Abuse I agree, it is just excuses to raise them. I am glad they see the sign or global slowdown, I have been reading that sign for a couple of years. It is a big sign how do you miss it?
milespergallon Champion Author Illinois Posts:9,759 Points:1,911,285 Joined:Feb 2007	Message Posted: Jun 2, 2012 11:26:47 PM Ignore milespergallon Report Abuse Bull excrement. Jobs, economy, supply, demand have absolutely NOTHING to do with price
Soglaos Champion Author Virginia Beach Posts:2,771 Points:741,905 Joined:Feb 2011	Message Posted: Jun 2, 2012 11:25:56 PM Ignore Soglaos Report Abuse Really
eswi Champion Author Madison Posts:2,555 Points:685,330 Joined:Mar 2009	Message Posted: Jun 2, 2012 11:24:27 PM Ignore eswi Report Abuse OK
abcdMA Champion Author Worcester Posts:7,937 Points:1,577,905 Joined:Nov 2008	Message Posted: Jun 2, 2012 11:22:27 PM Ignore abcdMA Report Abuse signs of a dying economy
woodeye55 Champion Author Gary Posts:7,377 Points:1,859,680 Joined:Mar 2006	Message Posted: Jun 2, 2012 11:19:25 PM Ignore woodeye55 Report Abuse Hope the bottom falls completely out.
GBMAX Champion Author Phoenix Posts:4,664 Points:1,903,555 Joined:Feb 2005	Message Posted: Jun 2, 2012 11:18:38 PM Ignore GBMAX Report Abuse good
PoohMcGoo Champion Author Alabama Posts:3,077 Points:802,635 Joined:Dec 2010	Message Posted: Jun 2, 2012 11:17:26 PM Ignore PoohMcGoo Report Abuse Too bad price at the pump won't be affected.
1Casey Champion Author Albany Posts:6,538 Points:1,793,810 Joined:Jun 2004	Message Posted: Jun 2, 2012 11:16:42 PM Ignore 1Casey Report Abuse Anyone awake in Washington ?
jayrad1957 Champion Author Los Angeles Posts:19,668 Points:1,599,440 Joined:Nov 2008	Message Posted: Jun 2, 2012 11:16:41 PM Ignore jayrad1957 Report Abuse How low will it go?
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Jun 2, 2012 11:15:07 PM Ignore mgune9 Report Abuse well "hello"
bikerchicklette Champion Author Washington Posts:5,889 Points:1,297,095 Joined:Sep 2005	Message Posted: Jun 2, 2012 11:15:05 PM Ignore bikerchicklette Report Abuse really ?
J4romeo All-Star Author Gary Posts:506 Points:1,214,925 Joined:Jan 2006	Message Posted: Jun 2, 2012 11:13:11 PM Ignore J4romeo Report Abuse Just sad the only way oil goes down..:(
Gay_Blade Champion Author San Jose Posts:1,037 Points:360,325 Joined:Oct 2011	Message Posted: Jun 2, 2012 11:12:58 PM Ignore Gay_Blade Report Abuse all the money is going into gold and the other metals...
mtaboy Sophomore Author New Jersey Posts:193 Points:54,730 Joined:Dec 2004	Message Posted: Jun 2, 2012 11:08:08 PM Ignore mtaboy Report Abuse HOPEFULLY WITH OIL AND GAS PRICES FALLING AND FALLING...MORE AND MORE GREEDY SPECULATORS WILL START JUMPING OUT OF TALL BUILDINGS
TBRR Champion Author Jacksonville Posts:3,672 Points:599,320 Joined:Dec 2007	Message Posted: Jun 2, 2012 11:02:35 PM Ignore TBRR Report Abuse in a few days the consumer just may benefit at the pump, but it is a about a 3 to 5 day lag.
goalie1950 Champion Author Phoenix Posts:6,420 Points:1,298,370 Joined:Oct 2009	Message Posted: Jun 2, 2012 11:02:29 PM Ignore goalie1950 Report Abuse The oil companies and speculators got rich while oil and gasoline prices were flying high. Now they are going to have to deal with the fact that exorbitant energy prices have slowed the growth of the global economy. Mission accomplished. Be careful what you wish for. It will eventually come back to bite you in the butt.
MahopacJack Champion Author New York Posts:8,020 Points:1,585,775 Joined:Feb 2008	Message Posted: Jun 2, 2012 11:02:05 PM Ignore MahopacJack Report Abuse Global slow down or a flight to the US Dollar? Yes there is trouble overseas, especially in Europe, but the Dollar gains strength (rises) and the cost of oil drops as it is still traded in US Dollars.
PDQBlues Champion Author San Diego Posts:7,084 Points:1,450,275 Joined:Jan 2009	Message Posted: Jun 2, 2012 10:59:36 PM Ignore PDQBlues Report Abuse Falling oil prices may help the economy in a few months.
darkknight1 Champion Author Winston-Salem Posts:4,350 Points:898,010 Joined:Nov 2010	Message Posted: Jun 2, 2012 10:59:29 PM Ignore darkknight1 Report Abuse It's a shame that the global economy has to go down before oil does.
davenles Champion Author Texas Posts:3,211 Points:721,585 Joined:May 2011	Message Posted: Jun 2, 2012 10:58:51 PM Ignore davenles Report Abuse Good news and bad all rolled into one.
Goofoff Champion Author Virginia Posts:11,882 Points:2,177,200 Joined:Aug 2006	Message Posted: Jun 2, 2012 10:56:16 PM Ignore Goofoff Report Abuse Read it and it is the same oil whine from big old oil barons
swkcpi Champion Author Madison Posts:1,207 Points:104,135 Joined:Nov 2010	Message Posted: Jun 2, 2012 10:55:38 PM Ignore swkcpi Report Abuse Everyone who reads this blog saw this coming. When you raise the price of gas the economy slows and what happens next. We go into a recession. And where is Obama when this is taking place? He's cheering on the high gas prices because as he said, energy prices would necessarily skyrocket to usher in the green economy. What a dunce. His green economy will be his undoing.
twinfanMN Champion Author Minnesota Posts:1,633 Points:457,255 Joined:Jun 2011	Message Posted: Jun 2, 2012 10:54:27 PM Ignore twinfanMN Report Abuse Too bad there has to be bad news (bad job report) to get any good news (oil finally dropping)
SpankyMI Champion Author Kalamazoo Posts:2,723 Points:762,205 Joined:Jan 2011	Message Posted: Jun 2, 2012 10:52:02 PM Ignore SpankyMI Report Abuse This is good news!
Crumbfel Champion Author Virginia Posts:11,554 Points:2,160,585 Joined:Aug 2006	Message Posted: Jun 2, 2012 10:49:52 PM Ignore Crumbfel Report Abuse I read this article
MJIOWA Champion Author Iowa Posts:4,838 Points:1,080,870 Joined:Nov 2009	Message Posted: Jun 2, 2012 10:49:05 PM Ignore MJIOWA Report Abuse ABOUT TIME IT WAS TO HIGH TO START WITH