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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:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Sep 21, 2012 12:17:18 AM Ignore honda0105 Report Abuse amazing how smart some folks are.
sparky808 Champion Author Honolulu Posts:3,013 Points:600,660 Joined:Sep 2011	Message Posted: Sep 18, 2012 1:26:10 PM Ignore sparky808 Report Abuse Thank you for posting.
nb52 Champion Author Grand Rapids Posts:7,795 Points:1,549,775 Joined:Nov 2008	Message Posted: Sep 18, 2012 6:38:31 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:2,483 Points:665,125 Joined:Jan 2010	Message Posted: Sep 18, 2012 12:13:26 AM Ignore rahcat Report Abuse Heard that before.
us4usa Champion Author Missouri Posts:6,003 Points:1,115,215 Joined:May 2008	Message Posted: Sep 18, 2012 12:09:34 AM 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:2,827 Points:756,785 Joined:Feb 2011	Message Posted: Sep 18, 2012 12:06:45 AM Ignore radiorumor Report Abuse Shorts now have cash
NoStrings Champion Author Ventura Posts:1,387 Points:271,280 Joined:Aug 2011	Message Posted: Sep 18, 2012 12:04:48 AM Ignore NoStrings Report Abuse steady high
bluegrasser1 Champion Author Richmond Posts:15,948 Points:2,618,545 Joined:Sep 2005	Message Posted: Sep 18, 2012 12:03:42 AM Ignore bluegrasser1 Report Abuse ok
EVBuddy Champion Author Nevada Posts:16,705 Points:3,034,520 Joined:Sep 2004	Message Posted: Sep 18, 2012 12:01:27 AM Ignore EVBuddy Report Abuse Crude down $5.00 today
FortVancouver01 Champion Author Washington Posts:1,175 Points:289,770 Joined:Jul 2012	Message Posted: Sep 18, 2012 12:00:20 AM Ignore FortVancouver01 Report Abuse Oil may be lower but the price of gasoline is still thru the roof.
Mikeyl Champion Author Cleveland Posts:5,172 Points:1,187,720 Joined:Aug 2004	Message Posted: Sep 17, 2012 11:58:17 PM Ignore Mikeyl Report Abuse Good news.
clermont40miles Champion Author Cincinnati Posts:10,588 Points:1,774,820 Joined:Apr 2008	Message Posted: Sep 17, 2012 11:57:12 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:8,979 Points:1,772,745 Joined:May 2008	Message Posted: Sep 17, 2012 11:55:31 PM Ignore bobdec Report Abuse Any drop is temporary, the future is only up
SavALot Champion Author Virginia Beach Posts:8,484 Points:1,714,535 Joined:Apr 2005	Message Posted: Sep 17, 2012 11:51:30 PM Ignore SavALot Report Abuse steady but for how long?
mlmeng Champion Author Michigan Posts:1,650 Points:593,535 Joined:Mar 2011	Message Posted: Sep 17, 2012 11:48:33 PM Ignore mlmeng Report Abuse Gas prices likely to go up here.
nru Champion Author Twin Cities Posts:1,758 Points:985,105 Joined:Feb 2006	Message Posted: Sep 17, 2012 11:47:29 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 11:46:56 PM Ignore trolsen Report Abuse The less I buy, the more the price goes up. What gives?
carloco75 Champion Author Richmond Posts:3,721 Points:602,965 Joined:Oct 2010	Message Posted: Sep 17, 2012 11:46:53 PM Ignore carloco75 Report Abuse Wonderfullllllshit...
MDTDriver Champion Author California Posts:9,739 Points:2,157,570 Joined:Jul 2006	Message Posted: Sep 17, 2012 11:46:08 PM Ignore MDTDriver Report Abuse Economics do not matter, on gas prices.
Blue48 Champion Author Illinois Posts:7,320 Points:1,640,870 Joined:Feb 2007	Message Posted: Sep 17, 2012 11:41:36 PM Ignore Blue48 Report Abuse WHATEVER!
bonzoonfmb Champion Author Florida Posts:1,792 Points:646,535 Joined:Feb 2010	Message Posted: Sep 17, 2012 11:38:05 PM Ignore bonzoonfmb Report Abuse There is plenty of supply. Gas prices are too high.
libertyut Champion Author Utah Posts:1,360 Points:293,575 Joined:Mar 2012	Message Posted: Sep 17, 2012 11:36:15 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 11:33:58 PM Ignore Jeeputtputt Report Abuse what?
Marson Champion Author Scranton Posts:8,962 Points:2,081,085 Joined:Oct 2006	Message Posted: Sep 17, 2012 11:29:35 PM Ignore Marson Report Abuse I expect prices to trend lower.
faulkc05 All-Star Author Atlanta Posts:660 Points:274,290 Joined:Jun 2008	Message Posted: Sep 17, 2012 11:28:04 PM Ignore faulkc05 Report Abuse The right of Free Speech at its best on this blog.
faulkc05 All-Star Author Atlanta Posts:660 Points:274,290 Joined:Jun 2008	Message Posted: Sep 17, 2012 11:24:37 PM Ignore faulkc05 Report Abuse Hilarious!
nwsynthetics Champion Author Oregon Posts:1,014 Points:347,625 Joined:Dec 2011	Message Posted: Sep 17, 2012 11:24:30 PM Ignore nwsynthetics Report Abuse Crank it up for Rosh hashanah holiday, ok
CCLighthouse Champion Author Hartford Posts:1,018 Points:215,955 Joined:Aug 2012	Message Posted: Sep 17, 2012 11:23:54 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:10,911 Points:2,134,530 Joined:Apr 2007	Message Posted: Sep 17, 2012 11:23:53 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:8,080 Points:1,734,140 Joined:Jan 2008	Message Posted: Sep 17, 2012 11:23:40 PM Ignore mstearno Report Abuse make up your minds
wayoung56 Champion Author Alabama Posts:2,815 Points:821,260 Joined:Oct 2006	Message Posted: Sep 17, 2012 11:23:07 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 11:22:19 PM Ignore brutherruther Report Abuse Ok
DriverofRed Champion Author Calgary Posts:2,188 Points:414,810 Joined:Dec 2011	Message Posted: Sep 17, 2012 11:19:02 PM Ignore DriverofRed Report Abuse k
DEG Champion Author Las Vegas Posts:17,635 Points:3,497,630 Joined:Jul 2003	Message Posted: Sep 17, 2012 11:12:39 PM Ignore DEG Report Abuse QE3 was another big waste of taxpayer $$$ under Obama and Bernanke.
zonernovi Champion Author Michigan Posts:2,204 Points:641,030 Joined:May 2005	Message Posted: Sep 17, 2012 11:10:12 PM Ignore zonernovi Report Abuse going up then going down soon
flyfast Champion Author Kansas City Posts:9,263 Points:1,827,985 Joined:Jan 2008	Message Posted: Sep 17, 2012 11:08:52 PM Ignore flyfast Report Abuse going up
aggietim Champion Author Fort Worth Posts:1,756 Points:694,825 Joined:Oct 2008	Message Posted: Sep 17, 2012 11:07:40 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 11:06:39 PM Ignore saleboss Report Abuse Prices at the pump still going up here!!
suzmar Champion Author Texas Posts:2,213 Points:874,085 Joined:Jun 2006	Message Posted: Sep 17, 2012 11:04:04 PM Ignore suzmar Report Abuse Steady alright, steadily high.
drobbbb Champion Author Maryland Posts:3,490 Points:814,860 Joined:Dec 2010	Message Posted: Sep 17, 2012 11:04:00 PM Ignore drobbbb Report Abuse ok
mcmonsta Champion Author Honolulu Posts:3,237 Points:820,495 Joined:Sep 2009	Message Posted: Sep 17, 2012 11:03:55 PM Ignore mcmonsta Report Abuse every time we can see a light at the end of the tunnel...well you know the rest.
TedNC Champion Author North Carolina Posts:1,005 Points:228,900 Joined:May 2011	Message Posted: Sep 17, 2012 11:03:47 PM Ignore TedNC Report Abuse ok
chuckhermann All-Star Author New York Posts:967 Points:500,925 Joined:Jun 2011	Message Posted: Sep 17, 2012 11:03:31 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:10,061 Points:1,489,805 Joined:Nov 2008	Message Posted: Sep 17, 2012 10:56:47 PM Ignore 30mpg80 Report Abuse Speculative bubble bursts next week?
Barfood Champion Author St. Louis Posts:3,311 Points:1,019,630 Joined:Jun 2009	Message Posted: Sep 17, 2012 10:48:12 PM Ignore Barfood Report Abuse It will act to temper any enthusiasm (or confidence)!
dsaine Champion Author North Carolina Posts:3,015 Points:635,420 Joined:May 2011	Message Posted: Sep 17, 2012 10:47:34 PM Ignore dsaine Report Abuse Ok
puffy2hottie Rookie Author Ontario Posts:82 Points:162,615 Joined:Feb 2008	Message Posted: Sep 17, 2012 10:46:20 PM Ignore puffy2hottie Report Abuse ok
Cableman66 Champion Author North Carolina Posts:2,125 Points:492,870 Joined:May 2011	Message Posted: Sep 17, 2012 10:42:48 PM Ignore Cableman66 Report Abuse OK.
rxman1 Champion Author Toledo Posts:9,563 Points:1,864,820 Joined:Nov 2007	Message Posted: Sep 17, 2012 10:42:11 PM Ignore rxman1 Report Abuse The price of oil should go up since we devalued our dollar.
oppdetcon Champion Author Ottawa Posts:1,446 Points:501,825 Joined:Feb 2011	Message Posted: Sep 17, 2012 10:41:43 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.