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Oil falls below $66 after bleak U.S. jobs data

reuters -- LONDON (Reuters) - Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

In the latest sign the economy of the world's top consumer was still struggling, data on Thursday showed U.S. employers cut 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment climbed to a 10-year high.

"All the data was bad yesterday," said Rob Montefusco, a trader at Sucden Financial. "Technically, it looks pretty weak at the moment."

U.S. crude fell by $1.22 to $65.51 a barrel by 1:18 p.m. EDT, extending the previous session's nearly 4 percent drop. London Brent crude fell $1.35 to $65.30.

Friday's trading volumes were thin as NYMEX floor trading was clos

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Submitted Jul 04, 2009 By: liltruckman

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honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:08:00 AM Ignore honda0105 Report Abuse it goes up, it goes down, it goes up... pump prices? Go up, up, up, up, up.
honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:07:34 AM Ignore honda0105 Report Abuse Pete12: that would be nice.
honda0105 Champion Author Tallahassee Posts:10,722 Points:628,375 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:07:18 AM Ignore honda0105 Report Abuse MG_Sputnik: yup, you're so right.
Pete12 Champion Author Albany Posts:1,925 Points:795,140 Joined:Nov 2005	Message Posted: Jul 4, 2009 11:25:44 PM Ignore Pete12 Report Abuse This is good. I hope all the oil traders took a bath.
mazdaboy Champion Author Portland Posts:3,002 Points:1,132,250 Joined:Aug 2003	Message Posted: Jul 4, 2009 11:50:55 AM Ignore mazdaboy Report Abuse Okay! Let's drive the price of oil way down. Everybody lose their jobs!
148366 Champion Author Spokane Posts:3,646 Points:1,031,750 Joined:Apr 2007	Message Posted: Jul 4, 2009 11:28:05 AM Ignore 148366 Report Abuse If you want to improve the economy you do not increase prices on everything But our great leaders do it anyway which would indicate they do not want the economy to improve until they finish with all of their dirty deals if then.
MY76VETTE Veteran Author Texas Posts:264 Points:242,375 Joined:Sep 2006	Message Posted: Jul 4, 2009 11:27:33 AM Ignore MY76VETTE Report Abuse $50 oil is good for everyone ... lets shoot for that
MG_Sputnik Champion Author Philadelphia Posts:3,213 Points:1,026,780 Joined:Apr 2006	Message Posted: Jul 4, 2009 11:25:46 AM Ignore MG_Sputnik Report Abuse You want justification for high gas prices? Here it is....GREED!!!
ChEPhD Champion Author Pittsburgh Posts:1,050 Points:212,470 Joined:Feb 2009	Message Posted: Jul 4, 2009 11:24:54 AM Ignore ChEPhD Report Abuse we need it back below $30 to do that - we need to drill more oil!
Local39701 Champion Author Mississippi Posts:24,905 Points:649,905 Joined:Oct 2008	Message Posted: Jul 4, 2009 11:22:47 AM Ignore Local39701 Report Abuse Let me take the other side. Low prices are temporarily good for the consumer but they are BEST for the greedy, white collar, never worked a day in their lives oil speculators. Those are the real people that we should vent our anger with -- not with the oil companies. Lower oil prices are an invitation to make a lot of money (windfall profits) in the futures market and drive pump prices back up again, while making the uninformed consumer vent his frustrations at big oil.
ladyjj Champion Author Tennessee Posts:14,875 Points:427,710 Joined:Apr 2008	Message Posted: Jul 4, 2009 11:22:44 AM Ignore ladyjj Report Abuse Way too many folks out of work! We need jobs back in this country again!
cresovia Champion Author Chicago Posts:2,061 Points:667,090 Joined:Apr 2008	Message Posted: Jul 4, 2009 11:22:34 AM Ignore cresovia Report Abuse I agree with JoeDriver, that gas should be lower. Also, demand is really down and there is no justification in prices being high.
altima2008 Champion Author Philadelphia Posts:3,229 Points:765,060 Joined:Apr 2008	Message Posted: Jul 4, 2009 11:21:32 AM Ignore altima2008 Report Abuse Does nobama see that the unemployment rate is so high, does he care? Does he think that everyone is making as much money as he is? So instead of cleaning up an 8 year mess it is soon going to be a 12 year mess.
skyhawkcam All-Star Author Richmond Posts:983 Points:547,015 Joined:Oct 2008	Message Posted: Jul 4, 2009 11:21:24 AM Ignore skyhawkcam Report Abuse Take Oil off the commodities and futures markets.
JoeDriver Champion Author Colorado Posts:5,750 Points:1,378,665 Joined:Aug 2005	Message Posted: Jul 4, 2009 11:20:50 AM Ignore JoeDriver Report Abuse Gas prices are still way to high. Remember when a barrel of oil almost hit $150? Gas was just a bit over $4.00. Now a barrel of oil is around $70, half of what it was. How come gas is way over $2.50, no where near half of what it was. Greed, plain and simple.
LocalSpyGuy Champion Author Tampa Posts:2,921 Points:610,365 Joined:Nov 2008	Message Posted: Jul 4, 2009 11:20:02 AM Ignore LocalSpyGuy Report Abuse We noticed a decrease in gas prices of about 10 cents.
kenjamin5150 Rookie Author Lincoln Posts:6 Points:1,450 Joined:Jul 2009	Message Posted: Jul 4, 2009 11:13:49 AM Ignore kenjamin5150 Report Abuse Supply and demand, baby, supply and demand. They supply the gas and demand more of our money.
spudly03 Champion Author Boise Posts:1,140 Points:276,740 Joined:Sep 2007	Message Posted: Jul 4, 2009 11:11:03 AM Ignore spudly03 Report Abuse We should all be happy, remember OPEC's happy.
tidbitKY Champion Author Kentucky Posts:2,075 Points:412,895 Joined:Mar 2009	Message Posted: Jul 4, 2009 11:10:46 AM Ignore tidbitKY Report Abuse Conserve, conserve, conserve.
Rustykam Rookie Author British Columbia Posts:1 Points:1,245 Joined:Jul 2009	Message Posted: Jul 4, 2009 11:10:28 AM Ignore Rustykam Report Abuse I agree with the statements that the price of Consumer fuel should be way lower at the pumps, and there is a certain amount of price fixing by the companies. But what the heck would we do with all the people that are in the Oil Industry if they could not keep the prices at a workable level. We have asked for higher wages to work in the oil industry and now in order to keep going they have to keep the price up, to keep the operations going in NORTH AMERICA. Even If I Don't Like It.
OKRifle Champion Author Oklahoma City Posts:4,855 Points:845,070 Joined:Oct 2007	Message Posted: Jul 4, 2009 11:09:40 AM Ignore OKRifle Report Abuse Support Sarah and drill, drill, and "all of the above"!
CptnCanada Champion Author Saskatoon Posts:2,753 Points:412,000 Joined:Jun 2008	Message Posted: Jul 4, 2009 11:02:44 AM Ignore CptnCanada Report Abuse Oil fell gas price wont... Oil company's want more profit...
LeeFree Champion Author Pittsburgh Posts:4,375 Points:1,290,650 Joined:Jun 2005	Message Posted: Jul 4, 2009 10:59:12 AM Ignore LeeFree Report Abuse Oil should be way lower than it is given how bad the economy is.
hank1326 Champion Author Los Angeles Posts:4,084 Points:768,225 Joined:Jun 2008	Message Posted: Jul 4, 2009 10:58:45 AM Ignore hank1326 Report Abuse Ditto to Patch44. The new prez is all words and no actions except for his own clueless agenda.
DickAAA Champion Author St. Louis Posts:1,350 Points:800,255 Joined:Jan 2005	Message Posted: Jul 4, 2009 10:57:02 AM Ignore DickAAA Report Abuse This just proves that supply, inventory, consumption etal. are just play things that the speculators use as excuses to bid up the price of crude.
montytexas Champion Author Houston Posts:1,204 Points:716,795 Joined:Jun 2006	Message Posted: Jul 4, 2009 10:56:53 AM Ignore montytexas Report Abuse Is it not interesting that the whole world seems to depend on the consumption patterns of 100 million Americans who are working and spending...sometimes spending borrowed money and sometimes spending earned money....what a great country we have...Happy July Fourth !!!!
hank1326 Champion Author Los Angeles Posts:4,084 Points:768,225 Joined:Jun 2008	Message Posted: Jul 4, 2009 10:56:32 AM Ignore hank1326 Report Abuse Ditto to weenerdog. Pump prices should be a lot lower regardless of the economy and jobless rate.
Patch44 Champion Author Buffalo Posts:3,758 Points:899,835 Joined:Oct 2007	Message Posted: Jul 4, 2009 10:56:13 AM Ignore Patch44 Report Abuse Don't worry, the change is coming to America, thanks Mr. President!
Hunter114 Champion Author Chicago Posts:2,978 Points:487,395 Joined:Apr 2009	Message Posted: Jul 4, 2009 10:55:54 AM Ignore Hunter114 Report Abuse With fewer people to buy gas, demand goes down, and supply goes up, putting downward pressure on prices.
ThatHunt Champion Author Dallas Posts:2,590 Points:1,222,705 Joined:Jul 2006	Message Posted: Jul 4, 2009 10:53:22 AM Ignore ThatHunt Report Abuse so, let's all quit our jobs.
jmuse Champion Author Long Island Posts:2,219 Points:445,370 Joined:May 2008	Message Posted: Jul 4, 2009 10:48:48 AM Ignore jmuse Report Abuse It took 467,000 people losing their jobs, for crude to drop $1.22. At this rate we'll all be out of work by the time crude hits $40.
trojanskip All-Star Author Orange County Posts:636 Points:347,480 Joined:Mar 2008	Message Posted: Jul 4, 2009 10:47:27 AM Ignore trojanskip Report Abuse it drops 1.22 p/barrel and pump prices drop a few cents a local stations.
Wolfwings Champion Author Delaware Posts:3,906 Points:814,555 Joined:May 2004	Message Posted: Jul 4, 2009 10:46:59 AM Ignore Wolfwings Report Abuse High prices will screw up any part of any economy, by lowering the number of employed folks. The only people that thrive in this economy are the money-lenders and senior executives.
bicycler Champion Author Ontario Posts:9,709 Points:1,700,735 Joined:May 2005	Message Posted: Jul 4, 2009 10:46:10 AM Ignore bicycler Report Abuse Let it fall a lot more! The high cost of gas is hurting the whole economy! When the owners of the oilbaron empires realize that, perhaps they may see that and ammend the problem.
Cerberus2k Champion Author Phoenix Posts:1,047 Points:644,190 Joined:Apr 2008	Message Posted: Jul 4, 2009 10:46:04 AM Ignore Cerberus2k Report Abuse oil should be $25
channce All-Star Author Columbus Posts:882 Points:369,870 Joined:Apr 2008	Message Posted: Jul 4, 2009 10:45:20 AM Ignore channce Report Abuse The economy is not recovering. There is no way to force up and sustain high prices at this point. As people have pointed out, if you don't have money, you can't buy and waste gas.
Eichhornchen Champion Author Detroit Posts:2,716 Points:531,165 Joined:Feb 2009	Message Posted: Jul 4, 2009 10:43:46 AM Ignore Eichhornchen Report Abuse i think it will be bad for a while
pbc2001 Champion Author Dallas Posts:2,311 Points:416,430 Joined:Feb 2009	Message Posted: Jul 4, 2009 10:42:35 AM Ignore pbc2001 Report Abuse needs to drop much more under 50.
weenerdog Champion Author Detroit Posts:4,918 Points:938,870 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:42:06 AM Ignore weenerdog Report Abuse gas should be a lot cheaper, oil has fallen about six dollars this past week.
CzechSteve Champion Author Orange County Posts:1,705 Points:506,365 Joined:Jul 2008	Message Posted: Jul 4, 2009 10:41:19 AM Ignore CzechSteve Report Abuse it will fall further with the economy in such a long slump
montana920 Champion Author Chicago Posts:3,509 Points:678,450 Joined:Oct 2008	Message Posted: Jul 4, 2009 10:35:58 AM Ignore montana920 Report Abuse oil may not be the cause for unemployment BUT the high prices do not help the unemployed survive....lower prices may help them keep their head above water if this translates into lower gas prices.....that will be good....
BazooQC Champion Author Montreal Posts:4,741 Points:674,430 Joined:Oct 2008	Message Posted: Jul 4, 2009 10:35:01 AM Ignore BazooQC Report Abuse Perhaps the summer driving season is not seeing any increase in gas demand in the US. Latest job statistics certainly didn't help with future outlook. A drop in gas prices is a very welcome sight!
Bat99 Veteran Author Denver Posts:370 Points:123,880 Joined:Oct 2005	Message Posted: Jul 4, 2009 10:34:42 AM Ignore Bat99 Report Abuse I would like to see the results of the reduced oil prices. Haven't seen any change here for weeks.
indyjim Champion Author Indianapolis Posts:4,742 Points:1,345,670 Joined:Jul 2006	Message Posted: Jul 4, 2009 10:33:15 AM Ignore indyjim Report Abuse Conserve gas and develop alternative energy.
HybridPete Champion Author Detroit Posts:4,547 Points:890,995 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:32:39 AM Ignore HybridPete Report Abuse Not tied to the jobless rate but impacted by the economy none the less. lets see the gas price go down significantly.
whitemiata Champion Author Albany Posts:7,579 Points:1,653,700 Joined:Mar 2005	Message Posted: Jul 4, 2009 10:30:55 AM Ignore whitemiata Report Abuse but how low will it go... ? I didn't think oil prices were tied to US jobless rate...
Hugo40 Champion Author Kentucky Posts:2,728 Points:647,985 Joined:Aug 2008	Message Posted: Jul 4, 2009 10:30:06 AM Ignore Hugo40 Report Abuse I'll just repeat what others on the panel have said, when you are unemployed, you can't afford much gasoline.
BigBobOH Sophomore Author Cleveland Posts:217 Points:102,710 Joined:Mar 2009	Message Posted: Jul 4, 2009 10:28:51 AM Ignore BigBobOH Report Abuse what goes down will probably go back up
Lizzylou Champion Author Stockton Posts:4,514 Points:1,499,880 Joined:Oct 2005	Message Posted: Jul 4, 2009 10:27:58 AM Ignore Lizzylou Report Abuse Oil and gas prices should be going down. Times are hard enough for those who have lost their jobs, cut in hours, having to now pay health benefits, stores going out of business.
CSharpGuy Champion Author Colorado Springs Posts:4,544 Points:922,635 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:26:18 AM Ignore CSharpGuy Report Abuse So now oil is a damper to any economic recovery. When the outlook is good, oil prices go up. But the economy can't recover with high oil prices.