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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:18,811 Points:1,635,270 Joined:Nov 2008	Message Posted: Sep 20, 2012 10:17:18 PM Ignore honda0105 Report Abuse amazing how smart some folks are.
sparky808 Champion Author Honolulu Posts:3,134 Points:623,710 Joined:Sep 2011	Message Posted: Sep 18, 2012 11:26:10 AM Ignore sparky808 Report Abuse Thank you for posting.
nb52 Champion Author Grand Rapids Posts:7,910 Points:1,572,600 Joined:Nov 2008	Message Posted: Sep 18, 2012 4:38:31 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:2,676 Points:688,925 Joined:Jan 2010	Message Posted: Sep 17, 2012 10:13:26 PM Ignore rahcat Report Abuse Heard that before.
us4usa Champion Author Missouri Posts:6,118 Points:1,136,670 Joined:May 2008	Message Posted: Sep 17, 2012 10:09:34 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:2,941 Points:779,590 Joined:Feb 2011	Message Posted: Sep 17, 2012 10:06:45 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 10:04:48 PM Ignore NoStrings Report Abuse steady high
bluegrasser1 Champion Author Richmond Posts:16,067 Points:2,642,285 Joined:Sep 2005	Message Posted: Sep 17, 2012 10:03:42 PM Ignore bluegrasser1 Report Abuse ok
EVBuddy Champion Author Nevada Posts:16,825 Points:3,057,345 Joined:Sep 2004	Message Posted: Sep 17, 2012 10:01:27 PM Ignore EVBuddy Report Abuse Crude down $5.00 today
FortVancouver01 Champion Author Washington Posts:1,242 Points:311,340 Joined:Jul 2012	Message Posted: Sep 17, 2012 10:00:20 PM Ignore FortVancouver01 Report Abuse Oil may be lower but the price of gasoline is still thru the roof.
Mikeyl Champion Author Cleveland Posts:5,292 Points:1,209,645 Joined:Aug 2004	Message Posted: Sep 17, 2012 9:58:17 PM Ignore Mikeyl Report Abuse Good news.
clermont40miles Champion Author Cincinnati Posts:10,747 Points:1,798,620 Joined:Apr 2008	Message Posted: Sep 17, 2012 9:57:12 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:9,099 Points:1,796,545 Joined:May 2008	Message Posted: Sep 17, 2012 9:55:31 PM Ignore bobdec Report Abuse Any drop is temporary, the future is only up
SavALot Champion Author Virginia Beach Posts:8,613 Points:1,737,585 Joined:Apr 2005	Message Posted: Sep 17, 2012 9:51:30 PM Ignore SavALot Report Abuse steady but for how long?
mlmeng Champion Author Michigan Posts:1,770 Points:617,035 Joined:Mar 2011	Message Posted: Sep 17, 2012 9:48:33 PM Ignore mlmeng Report Abuse Gas prices likely to go up here.
nru Champion Author Twin Cities Posts:1,939 Points:1,008,905 Joined:Feb 2006	Message Posted: Sep 17, 2012 9:47:29 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 9:46:56 PM Ignore trolsen Report Abuse The less I buy, the more the price goes up. What gives?
carloco75 Champion Author Richmond Posts:3,843 Points:626,745 Joined:Oct 2010	Message Posted: Sep 17, 2012 9:46:53 PM Ignore carloco75 Report Abuse Wonderfullllllshit...
MDTDriver Champion Author California Posts:9,843 Points:2,179,925 Joined:Jul 2006	Message Posted: Sep 17, 2012 9:46:08 PM Ignore MDTDriver Report Abuse Economics do not matter, on gas prices.
Blue48 Champion Author Illinois Posts:7,440 Points:1,664,670 Joined:Feb 2007	Message Posted: Sep 17, 2012 9:41:36 PM Ignore Blue48 Report Abuse WHATEVER!
bonzoonfmb Champion Author Florida Posts:1,817 Points:663,410 Joined:Feb 2010	Message Posted: Sep 17, 2012 9:38:05 PM Ignore bonzoonfmb Report Abuse There is plenty of supply. Gas prices are too high.
libertyut Champion Author Utah Posts:1,370 Points:298,200 Joined:Mar 2012	Message Posted: Sep 17, 2012 9:36:15 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 9:33:58 PM Ignore Jeeputtputt Report Abuse what?
Marson Champion Author Scranton Posts:9,082 Points:2,104,885 Joined:Oct 2006	Message Posted: Sep 17, 2012 9:29:35 PM Ignore Marson Report Abuse I expect prices to trend lower.
faulkc05 All-Star Author Atlanta Posts:660 Points:276,690 Joined:Jun 2008	Message Posted: Sep 17, 2012 9:28:04 PM Ignore faulkc05 Report Abuse The right of Free Speech at its best on this blog.
faulkc05 All-Star Author Atlanta Posts:660 Points:276,690 Joined:Jun 2008	Message Posted: Sep 17, 2012 9:24:37 PM Ignore faulkc05 Report Abuse Hilarious!
nwsynthetics Champion Author Oregon Posts:1,019 Points:354,400 Joined:Dec 2011	Message Posted: Sep 17, 2012 9:24:30 PM Ignore nwsynthetics Report Abuse Crank it up for Rosh hashanah holiday, ok
CCLighthouse Champion Author Hartford Posts:1,126 Points:237,725 Joined:Aug 2012	Message Posted: Sep 17, 2012 9:23:54 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:11,031 Points:2,158,270 Joined:Apr 2007	Message Posted: Sep 17, 2012 9:23:53 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:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Sep 17, 2012 9:23:40 PM Ignore mstearno Report Abuse make up your minds
wayoung56 Champion Author Alabama Posts:2,915 Points:844,035 Joined:Oct 2006	Message Posted: Sep 17, 2012 9:23:07 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 9:22:19 PM Ignore brutherruther Report Abuse Ok
DriverofRed Champion Author Calgary Posts:2,303 Points:435,685 Joined:Dec 2011	Message Posted: Sep 17, 2012 9:19:02 PM Ignore DriverofRed Report Abuse k
DEG Champion Author Las Vegas Posts:17,740 Points:3,518,505 Joined:Jul 2003	Message Posted: Sep 17, 2012 9:12:39 PM Ignore DEG Report Abuse QE3 was another big waste of taxpayer $$$ under Obama and Bernanke.
zonernovi Champion Author Michigan Posts:2,204 Points:654,280 Joined:May 2005	Message Posted: Sep 17, 2012 9:10:12 PM Ignore zonernovi Report Abuse going up then going down soon
flyfast Champion Author Kansas City Posts:9,381 Points:1,851,745 Joined:Jan 2008	Message Posted: Sep 17, 2012 9:08:52 PM Ignore flyfast Report Abuse going up
aggietim Champion Author Fort Worth Posts:1,821 Points:715,250 Joined:Oct 2008	Message Posted: Sep 17, 2012 9:07:40 PM Ignore aggietim Report Abuse ok
saleboss Champion Author Phoenix Posts:3,954 Points:1,184,550 Joined:Feb 2006	Message Posted: Sep 17, 2012 9:06:39 PM Ignore saleboss Report Abuse Prices at the pump still going up here!!
suzmar Champion Author Texas Posts:2,223 Points:895,310 Joined:Jun 2006	Message Posted: Sep 17, 2012 9:04:04 PM Ignore suzmar Report Abuse Steady alright, steadily high.
drobbbb Champion Author Maryland Posts:3,585 Points:836,035 Joined:Dec 2010	Message Posted: Sep 17, 2012 9:04:00 PM Ignore drobbbb Report Abuse ok
mcmonsta Champion Author Honolulu Posts:3,342 Points:843,745 Joined:Sep 2009	Message Posted: Sep 17, 2012 9:03:55 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:1,051 Points:238,950 Joined:May 2011	Message Posted: Sep 17, 2012 9:03:47 PM Ignore TedNC Report Abuse ok
chuckhermann Champion Author New York Posts:1,017 Points:519,025 Joined:Jun 2011	Message Posted: Sep 17, 2012 9:03:31 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:10,260 Points:1,513,605 Joined:Nov 2008	Message Posted: Sep 17, 2012 8:56:47 PM Ignore 30mpg80 Report Abuse Speculative bubble bursts next week?
Barfood Champion Author St. Louis Posts:3,368 Points:1,036,675 Joined:Jun 2009	Message Posted: Sep 17, 2012 8:48:12 PM Ignore Barfood Report Abuse It will act to temper any enthusiasm (or confidence)!
dsaine Champion Author North Carolina Posts:3,145 Points:658,245 Joined:May 2011	Message Posted: Sep 17, 2012 8:47:34 PM Ignore dsaine Report Abuse Ok
puffy2hottie Rookie Author Ontario Posts:82 Points:180,515 Joined:Feb 2008	Message Posted: Sep 17, 2012 8:46:20 PM Ignore puffy2hottie Report Abuse ok
Cableman66 Champion Author North Carolina Posts:2,242 Points:516,610 Joined:May 2011	Message Posted: Sep 17, 2012 8:42:48 PM Ignore Cableman66 Report Abuse OK.
rxman1 Champion Author Toledo Posts:9,684 Points:1,887,770 Joined:Nov 2007	Message Posted: Sep 17, 2012 8:42:11 PM Ignore rxman1 Report Abuse The price of oil should go up since we devalued our dollar.
oppdetcon Champion Author Ottawa Posts:1,531 Points:523,755 Joined:Feb 2011	Message Posted: Sep 17, 2012 8:41:43 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.