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Oil Falls in New York on Concern OPEC Output May Exceed Dem

Businessweek.com -- Crude oil declined for a second day on speculation fuel inventories may remain high as supply from the Organization of Petroleum Exporting Countries outpaces the recovery in global demand.

Oil fell after Iran’s OPEC governor Mohammad Ali Khatibi said the market may be oversupplied later this year if the group, meeting March 17, fails to comply with output limits. A report today may show industrial production in the U.S., the world’s biggest energy consumer, was little changed in February because of harsh weather, according to a Bloomberg survey of analysts.

“Global demand may be increased gradually this year but there’s plenty of available supply,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo.

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Submitted Mar 15, 2010 By: UncleCurt

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wild3bill All-Star Author New York Posts:900 Points:1,040,400 Joined:Nov 2005	Message Posted: Mar 15, 2010 6:21:02 AM Ignore wild3bill Report Abuse With luck this report will cause the speculators in the other report to panic and sell short. If they loose money on oil speculation It would be GOOD [Edited by: wild3bill at 3/15/2010 7:25:37 AM EST]
billy44bo Champion Author Mobile Posts:3,292 Points:622,105 Joined:Feb 2008	Message Posted: Mar 15, 2010 6:18:52 AM Ignore billy44bo Report Abuse did I not just see an article that said that the speculation was to keep oil prices high?
rocket_ron Champion Author Grand Rapids Posts:1,418 Points:1,041,940 Joined:Jul 2006	Message Posted: Mar 15, 2010 6:16:18 AM Ignore rocket_ron Report Abuse They are always cheating on output. Why would it be different today?
danno27 All-Star Author Miami Posts:801 Points:425,320 Joined:Jun 2006	Message Posted: Mar 15, 2010 6:15:51 AM Ignore danno27 Report Abuse Yawn !!
cathevan Champion Author Manitoba Posts:2,133 Points:524,025 Joined:May 2007	Message Posted: Mar 15, 2010 6:13:12 AM Ignore cathevan Report Abuse prices rose more than 4% in central Canada last week
BKool Champion Author Michigan Posts:3,025 Points:1,439,170 Joined:Aug 2005	Message Posted: Mar 15, 2010 6:12:46 AM Ignore BKool Report Abuse Gotta get a job writing these BS articles.
dhawk24 Champion Author Maine Posts:3,068 Points:675,380 Joined:Jul 2008	Message Posted: Mar 15, 2010 6:12:43 AM Ignore dhawk24 Report Abuse Up in one article and down in another. I would think that they would get their act together..
olcowboy14 Champion Author Spokane Posts:4,678 Points:742,185 Joined:Jul 2007	Message Posted: Mar 15, 2010 6:12:13 AM Ignore olcowboy14 Report Abuse This is a wait and see game, you wait and see what the price is at the pump. We are over 3 bucks now.
Masercal Champion Author Michigan Posts:3,610 Points:780,740 Joined:Oct 2007	Message Posted: Mar 15, 2010 6:12:00 AM Ignore Masercal Report Abuse Get ready for OPEC to trigger the speculators even more and send oil and gas prices skyrocketing. Continue to conserve and make the move to renewable and alternative energy today.
WonderfulMI Champion Author Michigan Posts:5,866 Points:811,375 Joined:Jun 2008	Message Posted: Mar 15, 2010 6:11:57 AM Ignore WonderfulMI Report Abuse Oil might drop, but will the price of gasoline?
rsm315 All-Star Author Detroit Posts:838 Points:219,530 Joined:Dec 2009	Message Posted: Mar 15, 2010 6:11:36 AM Ignore rsm315 Report Abuse Its all BS
jppezz Champion Author New Mexico Posts:3,644 Points:716,155 Joined:Jun 2008	Message Posted: Mar 15, 2010 6:11:15 AM Ignore jppezz Report Abuse You see oil falls but you never see gas prices drop after that.
ftsgt Champion Author Illinois Posts:8,418 Points:1,668,635 Joined:Dec 2004	Message Posted: Mar 15, 2010 6:11:10 AM Ignore ftsgt Report Abuse give it a day it will change
Zonk Champion Author Michigan Posts:1,587 Points:1,150,820 Joined:Oct 2005	Message Posted: Mar 15, 2010 6:10:57 AM Ignore Zonk Report Abuse Price and demand are both factors impacted by demand.
Don1222 Champion Author Michigan Posts:6,222 Points:764,955 Joined:Jul 2008	Message Posted: Mar 15, 2010 6:10:50 AM Ignore Don1222 Report Abuse Support alternative fuels, and Buy American, Made in The USA.
DeepInOhio Champion Author Ohio Posts:1,939 Points:631,185 Joined:May 2008	Message Posted: Mar 15, 2010 6:09:58 AM Ignore DeepInOhio Report Abuse I love it when gasbuddy posts contradicting articles. LOL
mrbee All-Star Author Little Rock Posts:569 Points:1,527,730 Joined:Oct 2005	Message Posted: Mar 15, 2010 6:09:07 AM Ignore mrbee Report Abuse Drop!
moody4u Champion Author Cincinnati Posts:2,989 Points:577,075 Joined:Oct 2008	Message Posted: Mar 15, 2010 6:09:02 AM Ignore moody4u Report Abuse Lies & BIG greed.
biza4u Champion Author New Haven Posts:3,621 Points:659,455 Joined:Jan 2007	Message Posted: Mar 15, 2010 6:07:58 AM Ignore biza4u Report Abuse I'll believe it when I see it
Dale Jr. Champion Author Illinois Posts:11,296 Points:2,261,600 Joined:May 2004	Message Posted: Mar 15, 2010 6:07:21 AM Ignore Dale Jr. Report Abuse The same song and dance routine that goes on every week. Up, down, up, down. More like an exercise routine.
jdhelm Champion Author Iowa Posts:1,414 Points:224,265 Joined:Dec 2009	Message Posted: Mar 15, 2010 6:05:46 AM Ignore jdhelm Report Abuse I think the traders on the CBOT must - never mind. It's up, an hour later it's down, then it's - - - the trader speculator commissioned brokers are like the RE broker who sell the same house 4 times a year - only worse.
abuck Champion Author Pittsburgh Posts:3,295 Points:591,145 Joined:Jul 2008	Message Posted: Mar 15, 2010 6:05:16 AM Ignore abuck Report Abuse yeah, well, please keep dropping....
CSharpGuy Champion Author Colorado Springs Posts:4,569 Points:927,610 Joined:Jan 2008	Message Posted: Mar 15, 2010 6:04:33 AM Ignore CSharpGuy Report Abuse It's about time. Oil should be between 30 and 40 a barrel.
humblepie Champion Author Toledo Posts:7,994 Points:1,397,965 Joined:Mar 2006	Message Posted: Mar 15, 2010 6:03:19 AM Ignore humblepie Report Abuse the simple solution is to raise margins to 90% but thats too simple for most to understand. if this where instituted tomorrow by friday oil would be down to $30-$39 a barrel.........period
TerryLee Champion Author Ohio Posts:11,392 Points:2,144,940 Joined:Mar 2004	Message Posted: Mar 15, 2010 6:01:52 AM Ignore TerryLee Report Abuse Doesn't mean anything if the pump prices keep going up
weenerdog Champion Author Detroit Posts:4,938 Points:942,870 Joined:Jan 2008	Message Posted: Mar 15, 2010 5:58:52 AM Ignore weenerdog Report Abuse Don't really care for speculators
Jamer Champion Author Orange County Posts:3,987 Points:701,500 Joined:Jul 2002	Message Posted: Mar 15, 2010 5:56:33 AM Ignore Jamer Report Abuse There's the magic word speculation again.
lucky69 Champion Author Austin Posts:1,774 Points:629,420 Joined:May 2008	Message Posted: Mar 15, 2010 5:55:50 AM Ignore lucky69 Report Abuse But it was just said it has risen for four straight weeks, which is it?
ironbox_sara Champion Author Albany Posts:4,716 Points:1,297,400 Joined:Mar 2006	Message Posted: Mar 15, 2010 5:55:35 AM Ignore ironbox_sara Report Abuse And that's the poll this week and last I look "speculation" was winning.
Eichhornchen Champion Author Detroit Posts:2,737 Points:534,865 Joined:Feb 2009	Message Posted: Mar 15, 2010 5:54:49 AM Ignore Eichhornchen Report Abuse more speculators
rbrowdersr Champion Author Detroit Posts:3,017 Points:986,275 Joined:Aug 2006	Message Posted: Mar 15, 2010 5:51:46 AM Ignore rbrowdersr Report Abuse Has no bearing on gasoline prices.
turbodog Champion Author Mississippi Posts:1,823 Points:391,150 Joined:Feb 2009	Message Posted: Mar 15, 2010 5:50:54 AM Ignore turbodog Report Abuse Trend is upward
tc316 Champion Author Twin Cities Posts:4,095 Points:785,955 Joined:Apr 2007	Message Posted: Mar 15, 2010 5:47:07 AM Ignore tc316 Report Abuse Prices rising here
RichardoB Champion Author Fayetteville Posts:2,976 Points:1,068,160 Joined:Jun 2007	Message Posted: Mar 15, 2010 5:46:32 AM Ignore RichardoB Report Abuse We have articles about how oil is rising and articles about oil falling, all in the same day. Fairly useless to read them.
ttwiw Champion Author Austin Posts:1,994 Points:918,220 Joined:Sep 2005	Message Posted: Mar 15, 2010 5:45:52 AM Ignore ttwiw Report Abuse Amen, ronsimonil!
fightbigoil71 Champion Author Milwaukee Posts:2,790 Points:595,110 Joined:Nov 2008	Message Posted: Mar 15, 2010 5:45:03 AM Ignore fightbigoil71 Report Abuse Conserve and make OPEC squirm
bumpygas Champion Author Nebraska Posts:3,520 Points:961,450 Joined:Oct 2007	Message Posted: Mar 15, 2010 5:44:48 AM Ignore bumpygas Report Abuse We can only hope that OPEC output exceeds demand.
GasRedliningSuk Champion Author Michigan Posts:2,123 Points:463,645 Joined:Jul 2008	Message Posted: Mar 15, 2010 5:43:30 AM Ignore GasRedliningSuk Report Abuse You just have to love these news bites regarding oil speculation; around and around it goes , where it stops...
mark1962 Champion Author Albany Posts:1,526 Points:331,670 Joined:Sep 2009	Message Posted: Mar 15, 2010 5:43:23 AM Ignore mark1962 Report Abuse We need for demand to drop even more and send the prices lower.
my3sons Champion Author New York Posts:4,321 Points:1,398,300 Joined:Aug 2005	Message Posted: Mar 15, 2010 5:42:02 AM Ignore my3sons Report Abuse if the price dropped demand might increase a little
minnesotagirl Champion Author Milwaukee Posts:1,177 Points:288,115 Joined:Oct 2009	Message Posted: Mar 15, 2010 5:39:14 AM Ignore minnesotagirl Report Abuse Based on supply, prices should drop significantly, but speculation is driving it up.
ronsimonil All-Star Author Illinois Posts:718 Points:152,595 Joined:Mar 2009	Message Posted: Mar 15, 2010 5:38:54 AM Ignore ronsimonil Report Abuse Make the speculators tale delivery on what they buy. This was what the commodities market was meant for.
mandoid Champion Author Colorado Springs Posts:2,893 Points:615,910 Joined:May 2008	Message Posted: Mar 15, 2010 5:38:42 AM Ignore mandoid Report Abuse maybe we'll see it at the pump
AvantiMick Champion Author Indiana Posts:8,026 Points:1,603,420 Joined:Dec 2005	Message Posted: Mar 15, 2010 5:37:32 AM Ignore AvantiMick Report Abuse Oil should be around $40/BBL, the rest is greed!
fordfan1 Champion Author Indiana Posts:4,194 Points:916,165 Joined:Jul 2007	Message Posted: Mar 15, 2010 5:35:56 AM Ignore fordfan1 Report Abuse We have known for a long time that greed is what decides the price of oil not supply and demand.
Ratso Champion Author Ohio Posts:11,043 Points:1,720,520 Joined:Sep 2003	Message Posted: Mar 15, 2010 5:34:29 AM Ignore Ratso Report Abuse Drop Dead already with the speculation crap!
03mdx Champion Author Syracuse Posts:1,968 Points:627,520 Joined:Sep 2008	Message Posted: Mar 15, 2010 5:32:44 AM Ignore 03mdx Report Abuse This article proves that it's not supply and demand that rules oil prices.
theawesome1 Champion Author Cleveland Posts:3,656 Points:809,165 Joined:Aug 2005	Message Posted: Mar 15, 2010 5:32:39 AM Ignore theawesome1 Report Abuse Husband booked a cruise for my BD and no fuel surcharge, so they still have plenty to fill the ships of Princess.
Ringmaster2008 Champion Author Ontario Posts:2,947 Points:503,410 Joined:Apr 2008	Message Posted: Mar 15, 2010 5:31:02 AM Ignore Ringmaster2008 Report Abuse I've said it before and I will say it again. Keep conserving if you want the pump price to stay as low as possible.
tankneverfull Champion Author Charlotte Posts:4,242 Points:830,470 Joined:Apr 2008	Message Posted: Mar 15, 2010 5:30:10 AM Ignore tankneverfull Report Abuse Yawn! Really, yawn!
dave364 Champion Author Lansing Posts:1,324 Points:536,250 Joined:Nov 2007	Message Posted: Mar 15, 2010 5:29:43 AM Ignore dave364 Report Abuse up down up down worse than kids on a tier-toter
Cachase1 Champion Author Oklahoma City Posts:6,463 Points:1,403,680 Joined:Aug 2003	Message Posted: Mar 15, 2010 5:29:40 AM Ignore Cachase1 Report Abuse We all should know by now that whatever is said at the meeting, the price will increase as a result.