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Author	Topic: OPEC's Signal of Increasing Output Weakens Oil Prices	Post a Reply Back to Topics

WxVette Rookie Author Omaha Posts:34 Points:1,013,330 Joined:Jul 2007	Message Posted: May 4, 2012 6:33:32 AM Ignore WxVette Report Abuse Crude oil prices plummeted Thursday after the OPEC indicated to raise output to bring down prices. Bearishness was exacerbated by weaker than expected US ISM non-manufacturing index which overshadowed the drop in the number of initial claims. The front-month contract for WTI crude oil fell to 102.36, the lowest level since April 23, before ending the day at 102.54, down -2.55%. Gold also slumped as driven by the selloff in the euro. The benchmark Comex contract fell for a third consecutive day to a 1-week low of 1634.8, down -1.16%. The OPEC stated that the members are working to bring down oil prices which are too high at current levels. The members are "not happy with prices at this level because there will be destruction as far as demand is concerned". Meanwhile, the IEA stated that Visit The International Business Times for full article

WxVette

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Omaha

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Message Posted: May 4, 2012 6:33:32 AM

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Crude oil prices plummeted Thursday after the OPEC indicated to raise output to bring down prices. Bearishness was exacerbated by weaker than expected US ISM non-manufacturing index which overshadowed the drop in the number of initial claims. The front-month contract for WTI crude oil fell to 102.36, the lowest level since April 23, before ending the day at 102.54, down -2.55%. Gold also slumped as driven by the selloff in the euro. The benchmark Comex contract fell for a third consecutive day to a 1-week low of 1634.8, down -1.16%.

The OPEC stated that the members are working to bring down oil prices which are too high at current levels. The members are "not happy with prices at this level because there will be destruction as far as demand is concerned". Meanwhile, the IEA stated that
Visit The International Business Times for full article

REPLIES (newest first)Ignore Short Messages

RitaVespa Champion Author Oregon Posts:2,981 Points:792,260 Joined:Jan 2011	Message Posted: May 5, 2012 5:19:17 AM Ignore RitaVespa Report Abuse ok
PDQBlues Champion Author San Diego Posts:7,074 Points:1,448,325 Joined:Jan 2009	Message Posted: May 4, 2012 8:02:42 PM Ignore PDQBlues Report Abuse Oil prices weaken by OPEC oil increase? Not enough for them to decrease production. They're still making a killing.
deputydog082 Champion Author Detroit Posts:1,786 Points:660,340 Joined:Apr 2011	Message Posted: May 4, 2012 1:03:41 PM Ignore deputydog082 Report Abuse even OPEC knows that too much greed is bad!
Jkent1953 Champion Author Salt Lake City Posts:1,991 Points:440,935 Joined:Dec 2011	Message Posted: May 4, 2012 9:03:49 AM Ignore Jkent1953 Report Abuse When will the government take notice that when more is produced, prices fall. We have the ability to produce more, but we don't want to destroy any weeds.
qwerty17 Champion Author New Jersey Posts:3,655 Points:1,117,900 Joined:Oct 2009	Message Posted: May 4, 2012 8:48:57 AM Ignore qwerty17 Report Abuse they are not our friend but i guess you can only bite the hand that feeds you so many times before you might get a little smarter. thank you for that opec.
tnfran Champion Author Arizona Posts:4,383 Points:843,165 Joined:Dec 2010	Message Posted: May 4, 2012 8:34:46 AM Ignore tnfran Report Abuse Good and more good! Let's 'send the greenies packing' and make em walk to their conferences.
LanguageMan1 Champion Author Tampa Posts:11,723 Points:1,661,790 Joined:Apr 2008	Message Posted: May 4, 2012 8:19:42 AM Ignore LanguageMan1 Report Abuse Good, and I and most of us hope it declines in price more.
powerserge Rookie Author Boston Posts:43 Points:42,375 Joined:Apr 2012	Message Posted: May 4, 2012 8:19:05 AM Ignore powerserge Report Abuse ok
TripleHs Champion Author Austin Posts:3,355 Points:917,340 Joined:Oct 2009	Message Posted: May 4, 2012 8:12:37 AM Ignore TripleHs Report Abuse it won't work well with speculations allowed
Ouch06 Champion Author Michigan Posts:1,614 Points:1,432,400 Joined:Apr 2006	Message Posted: May 4, 2012 8:05:12 AM Ignore Ouch06 Report Abuse Best oil news in a while. Oil down about 3% today.
fishnhuntWV Sophomore Author West Virginia Posts:231 Points:65,870 Joined:Aug 2011	Message Posted: May 4, 2012 7:55:11 AM Ignore fishnhuntWV Report Abuse Went from 4.09 to 3.85
Travel1st Champion Author Las Vegas Posts:2,925 Points:471,635 Joined:Aug 2011	Message Posted: May 4, 2012 7:54:44 AM Ignore Travel1st Report Abuse Thank you OPEC.
fjkcpa Champion Author Houston Posts:4,511 Points:602,210 Joined:Nov 2005	Message Posted: May 4, 2012 7:54:44 AM Ignore fjkcpa Report Abuse ?
des7902 Veteran Author Virginia Posts:385 Points:212,240 Joined:May 2011	Message Posted: May 4, 2012 7:49:49 AM Ignore des7902 Report Abuse OPEC, keep up the good work.
playtimeCLE Champion Author Cleveland Posts:8,560 Points:1,544,375 Joined:Nov 2008	Message Posted: May 4, 2012 7:40:33 AM Ignore playtimeCLE Report Abuse Any drop in price is a good drop these days.
peakkeller Champion Author Colorado Springs Posts:1,691 Points:777,350 Joined:Dec 2009	Message Posted: May 4, 2012 7:37:22 AM Ignore peakkeller Report Abuse Great news for us consumers!
investmentdr Champion Author Cleveland Posts:4,029 Points:1,455,050 Joined:Sep 2008	Message Posted: May 4, 2012 7:35:15 AM Ignore investmentdr Report Abuse -3% this morning!!!!!
MontanaMac Champion Author Washington Posts:1,736 Points:410,050 Joined:May 2011	Message Posted: May 4, 2012 7:25:38 AM Ignore MontanaMac Report Abuse OPEC ain't your friend.
doctorindyj Champion Author Santa Fe Posts:3,453 Points:839,810 Joined:Nov 2009	Message Posted: May 4, 2012 7:21:39 AM Ignore doctorindyj Report Abuse How can that be? OPEC and pumping have no effect on prices! ;)
72_Monte Champion Author Twin Cities Posts:7,770 Points:1,996,460 Joined:Aug 2005	Message Posted: May 4, 2012 7:12:38 AM Ignore 72_Monte Report Abuse We'll have to see.
K9LO Champion Author North Dakota Posts:2,685 Points:543,980 Joined:Nov 2010	Message Posted: May 4, 2012 7:07:11 AM Ignore K9LO Report Abuse Keep going OPEC.
Dr Gas Champion Author Twin Cities Posts:3,268 Points:358,365 Joined:May 2004	Message Posted: May 4, 2012 7:03:41 AM Ignore Dr Gas Report Abuse I just love it - plummeted - really? Does the writer know what plummeted means? 2.55 percent of 102 is about $2.60 - that is not plummeting in the least! And they compare it to April 23 - wow that was such a long time ago!
molebaby96 Champion Author Tallahassee Posts:2,126 Points:506,140 Joined:Nov 2011	Message Posted: May 4, 2012 6:59:05 AM Ignore molebaby96 Report Abuse USA doesn't need to buy OPEC oil.
RNCII Champion Author Michigan Posts:2,482 Points:643,855 Joined:Jun 2011	Message Posted: May 4, 2012 6:58:51 AM Ignore RNCII Report Abuse We will have to wait and see. Just a few weeks ago we were going to see higher prices. Time will tell, but we can use some good news and lower prices.
Skunk63 Champion Author Phoenix Posts:2,557 Points:558,395 Joined:Oct 2011	Message Posted: May 4, 2012 6:38:48 AM Ignore Skunk63 Report Abuse Wow, OPEC just comes out and says it. They're increasing production because they are afraid of the effects of high prices on the demand for oil. The bottom line for these countries is keeping the addicts hooked on the drug by keeping its cost just low enough that we don't go trying to find new sources. I gotta hand it to OPEC. I'm glad they're not trying to lie to their customers anymore.
TBecker1415 Champion Author Missouri Posts:1,665 Points:348,715 Joined:Nov 2011	Message Posted: May 4, 2012 6:37:54 AM Ignore TBecker1415 Report Abuse it's a good start.
billk44077 Champion Author Cleveland Posts:3,177 Points:631,555 Joined:Aug 2011	Message Posted: May 4, 2012 6:37:20 AM Ignore billk44077 Report Abuse but not at the pump