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Oil Prices Steady; Economic Risks May Cap Gains

Reuters -- Brent crude were little changed Monday, with prices below a four-month peak hit on Friday amid worries that high oil prices could hamper efforts to boost a struggling world economy.

Oil has been boosted by the U.S. Federal Reserve's aggressive moves last week to stimulate the world's biggest economy. But Brent crude's rally of about a third since late June paused Monday, undermined by demand in a fragile economy.

"The current prices certainly doesn't do any favors for a global economy that is struggling to get back on track. A price rally like we are seeing now is only going to do more damage," said Victor Shum, managing director of consultancy IHS Purvin & Gertz. "Fundamentals at the moment are not indicative of these prices, and I don't see oil being able to sustain this rally."

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Submitted Sep 17, 2012 By: WxVette

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honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Sep 20, 2012 11:17:18 PM Ignore honda0105 Report Abuse amazing how smart some folks are.
sparky808 Champion Author Honolulu Posts:2,993 Points:596,760 Joined:Sep 2011	Message Posted: Sep 18, 2012 12:26:10 PM Ignore sparky808 Report Abuse Thank you for posting.
nb52 Champion Author Grand Rapids Posts:7,775 Points:1,545,875 Joined:Nov 2008	Message Posted: Sep 18, 2012 5:38:31 AM Ignore nb52 Report Abuse What genius-at-work. They think higher oil prices negatively impact family budgets. WOW!
rahcat Champion Author Grand Rapids Posts:2,463 Points:661,975 Joined:Jan 2010	Message Posted: Sep 17, 2012 11:13:26 PM Ignore rahcat Report Abuse Heard that before.
us4usa Champion Author Missouri Posts:5,984 Points:1,111,375 Joined:May 2008	Message Posted: Sep 17, 2012 11:09:34 PM Ignore us4usa Report Abuse The more gas we buy the higher the price, the less gas we buy the higher the price???
radiorumor Champion Author Texas Posts:2,802 Points:752,660 Joined:Feb 2011	Message Posted: Sep 17, 2012 11:06:45 PM Ignore radiorumor Report Abuse Shorts now have cash
NoStrings Champion Author Ventura Posts:1,387 Points:271,280 Joined:Aug 2011	Message Posted: Sep 17, 2012 11:04:48 PM Ignore NoStrings Report Abuse steady high
bluegrasser1 Champion Author Richmond Posts:15,928 Points:2,614,645 Joined:Sep 2005	Message Posted: Sep 17, 2012 11:03:42 PM Ignore bluegrasser1 Report Abuse ok
EVBuddy Champion Author Nevada Posts:16,685 Points:3,030,620 Joined:Sep 2004	Message Posted: Sep 17, 2012 11:01:27 PM Ignore EVBuddy Report Abuse Crude down $5.00 today
FortVancouver01 Champion Author Washington Posts:1,161 Points:286,915 Joined:Jul 2012	Message Posted: Sep 17, 2012 11:00:20 PM Ignore FortVancouver01 Report Abuse Oil may be lower but the price of gasoline is still thru the roof.
Mikeyl Champion Author Cleveland Posts:5,147 Points:1,184,395 Joined:Aug 2004	Message Posted: Sep 17, 2012 10:58:17 PM Ignore Mikeyl Report Abuse Good news.
clermont40miles Champion Author Cincinnati Posts:10,562 Points:1,770,920 Joined:Apr 2008	Message Posted: Sep 17, 2012 10:57:12 PM Ignore clermont40miles Report Abuse Let us hope the artificial price mirage is broken. Reality must intrude at some point.
bobdec Champion Author Miami Posts:8,959 Points:1,768,845 Joined:May 2008	Message Posted: Sep 17, 2012 10:55:31 PM Ignore bobdec Report Abuse Any drop is temporary, the future is only up
SavALot Champion Author Virginia Beach Posts:8,464 Points:1,710,635 Joined:Apr 2005	Message Posted: Sep 17, 2012 10:51:30 PM Ignore SavALot Report Abuse steady but for how long?
mlmeng Champion Author Michigan Posts:1,628 Points:590,045 Joined:Mar 2011	Message Posted: Sep 17, 2012 10:48:33 PM Ignore mlmeng Report Abuse Gas prices likely to go up here.
nru Champion Author Twin Cities Posts:1,741 Points:982,250 Joined:Feb 2006	Message Posted: Sep 17, 2012 10:47:29 PM Ignore nru Report Abuse so what happens when things get good again?
trolsen Rookie Author Utah Posts:17 Points:133,070 Joined:Jan 2012	Message Posted: Sep 17, 2012 10:46:56 PM Ignore trolsen Report Abuse The less I buy, the more the price goes up. What gives?
carloco75 Champion Author Richmond Posts:3,711 Points:599,390 Joined:Oct 2010	Message Posted: Sep 17, 2012 10:46:53 PM Ignore carloco75 Report Abuse Wonderfullllllshit...
MDTDriver Champion Author California Posts:9,719 Points:2,153,670 Joined:Jul 2006	Message Posted: Sep 17, 2012 10:46:08 PM Ignore MDTDriver Report Abuse Economics do not matter, on gas prices.
Blue48 Champion Author Illinois Posts:7,300 Points:1,636,970 Joined:Feb 2007	Message Posted: Sep 17, 2012 10:41:36 PM Ignore Blue48 Report Abuse WHATEVER!
bonzoonfmb Champion Author Florida Posts:1,777 Points:643,610 Joined:Feb 2010	Message Posted: Sep 17, 2012 10:38:05 PM Ignore bonzoonfmb Report Abuse There is plenty of supply. Gas prices are too high.
libertyut Champion Author Utah Posts:1,344 Points:290,650 Joined:Mar 2012	Message Posted: Sep 17, 2012 10:36:15 PM Ignore libertyut Report Abuse November is coming very soon.
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Sep 17, 2012 10:33:58 PM Ignore Jeeputtputt Report Abuse what?
Marson Champion Author Scranton Posts:8,937 Points:2,076,960 Joined:Oct 2006	Message Posted: Sep 17, 2012 10:29:35 PM Ignore Marson Report Abuse I expect prices to trend lower.
faulkc05 All-Star Author Atlanta Posts:660 Points:273,990 Joined:Jun 2008	Message Posted: Sep 17, 2012 10:28:04 PM Ignore faulkc05 Report Abuse The right of Free Speech at its best on this blog.
faulkc05 All-Star Author Atlanta Posts:660 Points:273,990 Joined:Jun 2008	Message Posted: Sep 17, 2012 10:24:37 PM Ignore faulkc05 Report Abuse Hilarious!
nwsynthetics Champion Author Oregon Posts:1,014 Points:345,075 Joined:Dec 2011	Message Posted: Sep 17, 2012 10:24:30 PM Ignore nwsynthetics Report Abuse Crank it up for Rosh hashanah holiday, ok
CCLighthouse All-Star Author Hartford Posts:998 Points:212,055 Joined:Aug 2012	Message Posted: Sep 17, 2012 10:23:54 PM Ignore CCLighthouse Report Abuse Not in CT. The higher the price of gas, the higher the % of the sneaky confiscatory general fund tax which is separate from the actual gas sales tax. : )
pgerassi Champion Author Milwaukee Posts:10,891 Points:2,130,630 Joined:Apr 2007	Message Posted: Sep 17, 2012 10:23:53 PM Ignore pgerassi Report Abuse QE3 should be dumped and with a 17% millionaire wealth fee (hey its not a tax). Any millionaire not paying the fee or less than what they should has to pay that fee plus 66% more for a hiding wealth fee. Whistle blowers get 10% of any amount they find on top of that. Hiders then pay up to 93% of their hidden wealth.
mstearno Champion Author Dayton Posts:8,061 Points:1,730,260 Joined:Jan 2008	Message Posted: Sep 17, 2012 10:23:40 PM Ignore mstearno Report Abuse make up your minds
wayoung56 Champion Author Alabama Posts:2,795 Points:817,360 Joined:Oct 2006	Message Posted: Sep 17, 2012 10:23:07 PM Ignore wayoung56 Report Abuse NoBama and his cronies ought to sleep better now -- vote them all out!!!
brutherruther Veteran Author Fort Worth Posts:435 Points:237,540 Joined:Mar 2012	Message Posted: Sep 17, 2012 10:22:19 PM Ignore brutherruther Report Abuse Ok
DriverofRed Champion Author Calgary Posts:2,173 Points:411,885 Joined:Dec 2011	Message Posted: Sep 17, 2012 10:19:02 PM Ignore DriverofRed Report Abuse k
DEG Champion Author Las Vegas Posts:17,615 Points:3,493,730 Joined:Jul 2003	Message Posted: Sep 17, 2012 10:12:39 PM Ignore DEG Report Abuse QE3 was another big waste of taxpayer $$$ under Obama and Bernanke.
zonernovi Champion Author Michigan Posts:2,204 Points:639,080 Joined:May 2005	Message Posted: Sep 17, 2012 10:10:12 PM Ignore zonernovi Report Abuse going up then going down soon
flyfast Champion Author Kansas City Posts:9,243 Points:1,824,535 Joined:Jan 2008	Message Posted: Sep 17, 2012 10:08:52 PM Ignore flyfast Report Abuse going up
aggietim Champion Author Fort Worth Posts:1,756 Points:693,325 Joined:Oct 2008	Message Posted: Sep 17, 2012 10:07:40 PM Ignore aggietim Report Abuse ok
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: Sep 17, 2012 10:06:39 PM Ignore saleboss Report Abuse Prices at the pump still going up here!!
suzmar Champion Author Texas Posts:2,212 Points:871,115 Joined:Jun 2006	Message Posted: Sep 17, 2012 10:04:04 PM Ignore suzmar Report Abuse Steady alright, steadily high.
drobbbb Champion Author Maryland Posts:3,470 Points:811,260 Joined:Dec 2010	Message Posted: Sep 17, 2012 10:04:00 PM Ignore drobbbb Report Abuse ok
mcmonsta Champion Author Honolulu Posts:3,222 Points:816,820 Joined:Sep 2009	Message Posted: Sep 17, 2012 10:03:55 PM Ignore mcmonsta Report Abuse every time we can see a light at the end of the tunnel...well you know the rest.
TedNC All-Star Author North Carolina Posts:990 Points:225,975 Joined:May 2011	Message Posted: Sep 17, 2012 10:03:47 PM Ignore TedNC Report Abuse ok
chuckhermann All-Star Author New York Posts:957 Points:498,225 Joined:Jun 2011	Message Posted: Sep 17, 2012 10:03:31 PM Ignore chuckhermann Report Abuse Rxman may be right, but it depends on how much the dollar has been devalued an show much more of our own oil we continue to produce. The devaluation may be a bit indirect though, as I believe most of the world's oil is still priced in US currency.
30mpg80 Champion Author Lexington Posts:10,014 Points:1,485,905 Joined:Nov 2008	Message Posted: Sep 17, 2012 9:56:47 PM Ignore 30mpg80 Report Abuse Speculative bubble bursts next week?
Barfood Champion Author St. Louis Posts:3,296 Points:1,016,580 Joined:Jun 2009	Message Posted: Sep 17, 2012 9:48:12 PM Ignore Barfood Report Abuse It will act to temper any enthusiasm (or confidence)!
dsaine Champion Author North Carolina Posts:2,992 Points:631,520 Joined:May 2011	Message Posted: Sep 17, 2012 9:47:34 PM Ignore dsaine Report Abuse Ok
puffy2hottie Rookie Author Ontario Posts:82 Points:158,865 Joined:Feb 2008	Message Posted: Sep 17, 2012 9:46:20 PM Ignore puffy2hottie Report Abuse ok
Cableman66 Champion Author North Carolina Posts:2,105 Points:489,720 Joined:May 2011	Message Posted: Sep 17, 2012 9:42:48 PM Ignore Cableman66 Report Abuse OK.
rxman1 Champion Author Toledo Posts:9,540 Points:1,860,920 Joined:Nov 2007	Message Posted: Sep 17, 2012 9:42:11 PM Ignore rxman1 Report Abuse The price of oil should go up since we devalued our dollar.
oppdetcon Champion Author Ottawa Posts:1,426 Points:497,925 Joined:Feb 2011	Message Posted: Sep 17, 2012 9:41:43 PM Ignore oppdetcon Report Abuse With today's crude oil price of $97.34 USD per barrel and the US dollar at 97¢ CAD, the price of regular unleaded gasoline in Ottawa, Ontario should be $1.12 per litre at normal profit margins. At a price of $1.32 per litre, you are paying 20¢ per litre in pure excess profit. Across Canada, an extra margin of 20¢ per litre generates an additional profit of 19.76 million dollars per day.