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Oil Near Eight-Month Low Before OPEC Meets on Production

Bloomberg -- Oil traded near its lowest close in eight months in New York before OPEC meets to discuss production quotas amid speculation the group won’t cut output as the global economy weakens.

Futures were little changed after earlier falling for the fifth time in six days. The Organization of Petroleum Exporting Countries, which meets in Vienna today, will probably maintain its output ceiling as concern that global growth is shrinking outweighs calls for supply cuts to stem sliding crude prices, three of the cartel’s oil ministers said. U.S. retail sales fell and Spain’s debt rating was cut by Moody’s Investors Service.

“OPEC is the top news at the moment and that’s going to be the driver,” Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty in Sydney, said in a telephone

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Submitted Jun 14, 2012 By: angel4me

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honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jun 16, 2012 11:07:09 PM Ignore honda0105 Report Abuse let's hope Pig Oil keeps prices down in the interest of global economy. Saudis might have to buy one less pure gold faucet though...
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Jun 15, 2012 3:50:44 PM Ignore CPGas1815 Report Abuse The price of oil and the commodity exchange price of gasoline has plummeted. But that is certainly not the case in my home town where local prices are 15 cents greater than the national average price of gasoline.
jwalkerh Champion Author Louisiana Posts:6,135 Points:1,369,130 Joined:Oct 2008	Message Posted: Jun 15, 2012 6:20:14 AM Ignore jwalkerh Report Abuse Where do we go from here?
FNB1967 Champion Author Ontario Posts:1,837 Points:767,095 Joined:Jan 2011	Message Posted: Jun 15, 2012 5:59:24 AM Ignore FNB1967 Report Abuse Yesterday's news
golftellowcat Champion Author Ottawa Posts:2,453 Points:693,850 Joined:Apr 2010	Message Posted: Jun 15, 2012 4:29:07 AM Ignore golftellowcat Report Abuse ok
tomok Champion Author Portland Posts:33,044 Points:2,346,485 Joined:Aug 2006	Message Posted: Jun 15, 2012 4:25:01 AM Ignore tomok Report Abuse If the oil produced in the US was used for fuel in the US, any change in OPEC production would Not affect the price at the pump. Prices at the pump are better but need to go much lower to help 'coming out of the closet' Barry's very lousy economy. Pump prices around $2/gallon would help! Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe and reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost, if possible. The price of fuel at the pump is too high! 12/22/2012!
computernut2008 Champion Author Ohio Posts:6,578 Points:1,351,340 Joined:Oct 2008	Message Posted: Jun 15, 2012 2:59:47 AM Ignore computernut2008 Report Abuse He's a commie for sure
CdnLynx Champion Author Ontario Posts:1,023 Points:523,990 Joined:May 2008	Message Posted: Jun 14, 2012 11:54:26 PM Ignore CdnLynx Report Abuse C'mon posters, that claim Obama is a Muslim; spreading this old incorrect rhetoric is not right. The smart people know the truth that he is not Muslim. Misinformation contributes nothing to sensible dialogue.
dongo50 Champion Author West Virginia Posts:14,698 Points:2,381,020 Joined:Jul 2006	Message Posted: Jun 14, 2012 11:32:10 PM Ignore dongo50 Report Abuse wow, i wonder if i can sleep now.
Zonk Champion Author Michigan Posts:6,486 Points:2,102,990 Joined:Oct 2005	Message Posted: Jun 14, 2012 11:14:14 PM Ignore Zonk Report Abuse Should be a very interesting meeting.
DandyDapple All-Star Author North Dakota Posts:715 Points:311,570 Joined:Sep 2008	Message Posted: Jun 14, 2012 11:04:50 PM Ignore DandyDapple Report Abuse OMG 2012 ...
big_mac64 Champion Author Tennessee Posts:10,593 Points:1,485,690 Joined:May 2005	Message Posted: Jun 14, 2012 10:59:24 PM Ignore big_mac64 Report Abuse let's not mess with prices as they are right now. Europe and the rest of the world can't afford it!
waynemustang Champion Author Indiana Posts:6,381 Points:1,665,990 Joined:Nov 2006	Message Posted: Jun 14, 2012 10:57:27 PM Ignore waynemustang Report Abuse We must drill more.
bonzoonfmb Champion Author Florida Posts:1,787 Points:645,560 Joined:Feb 2010	Message Posted: Jun 14, 2012 10:56:04 PM Ignore bonzoonfmb Report Abuse OPEC has a lot less impact on gas prices than they used to. Gas prices are still too high.
mcmonsta Champion Author Honolulu Posts:3,232 Points:819,520 Joined:Sep 2009	Message Posted: Jun 14, 2012 10:53:18 PM Ignore mcmonsta Report Abuse lower L O W E R L O W E R works for me!
regasaz Champion Author Phoenix Posts:5,775 Points:1,282,380 Joined:Dec 2006	Message Posted: Jun 14, 2012 10:51:30 PM Ignore regasaz Report Abuse They want to keep Obama in office (It's a Muslim thing)
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Jun 14, 2012 10:49:14 PM Ignore mstearno Report Abuse we are hosed big time
Gas4Gore Champion Author Detroit Posts:2,421 Points:423,875 Joined:Jan 2010	Message Posted: Jun 14, 2012 10:49:14 PM Ignore Gas4Gore Report Abuse Like it lower, eh.
btex49 Champion Author Austin Posts:2,720 Points:531,080 Joined:Aug 2011	Message Posted: Jun 14, 2012 10:47:43 PM Ignore btex49 Report Abuse Who knows what OPEC is going to do? Obama won't let America produce its own oil.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Jun 14, 2012 10:44:58 PM Ignore Dodge_Me Report Abuse Hmm
SparkieMi Champion Author Kalamazoo Posts:3,266 Points:589,360 Joined:Sep 2011	Message Posted: Jun 14, 2012 10:43:15 PM Ignore SparkieMi Report Abuse Big deal!!!! Pump prices still way too high!!!
DancinPrince Rookie Author Illinois Posts:83 Points:42,260 Joined:Jul 2011	Message Posted: Jun 14, 2012 10:35:57 PM Ignore DancinPrince Report Abuse Sometimes not doing enough
69Bonne Champion Author Gary Posts:1,155 Points:474,125 Joined:Sep 2005	Message Posted: Jun 14, 2012 10:35:56 PM Ignore 69Bonne Report Abuse So, still too much being exported, which is keeping the prices higher than they should be.
dchiou Champion Author San Jose Posts:2,826 Points:793,965 Joined:Feb 2007	Message Posted: Jun 14, 2012 10:35:37 PM Ignore dchiou Report Abuse good
isis1812 Veteran Author West Virginia Posts:367 Points:192,165 Joined:Mar 2012	Message Posted: Jun 14, 2012 10:35:21 PM Ignore isis1812 Report Abuse Ok
nztyraider Champion Author Nevada Posts:2,273 Points:694,825 Joined:Apr 2009	Message Posted: Jun 14, 2012 10:34:24 PM Ignore nztyraider Report Abuse Keep falling.
Alfied Champion Author Riverside Posts:7,945 Points:1,757,235 Joined:Jun 2001	Message Posted: Jun 14, 2012 10:33:12 PM Ignore Alfied Report Abuse Up and down, up and down, makes the world go around.
Blue48 Champion Author Illinois Posts:7,310 Points:1,638,920 Joined:Feb 2007	Message Posted: Jun 14, 2012 10:28:51 PM Ignore Blue48 Report Abuse TOO BAD IT ISN'T SHOWING UP, AT THE GAS PUMP!
rickone All-Star Author Detroit Posts:545 Points:393,435 Joined:May 2004	Message Posted: Jun 14, 2012 10:24:29 PM Ignore rickone Report Abuse Interesting - Thanks for posting.
drz614 Champion Author Harrisburg Posts:2,304 Points:598,595 Joined:Aug 2011	Message Posted: Jun 14, 2012 10:23:40 PM Ignore drz614 Report Abuse ok
LQQKGAS Champion Author Phoenix Posts:2,670 Points:1,196,910 Joined:Oct 2009	Message Posted: Jun 14, 2012 10:18:51 PM Ignore LQQKGAS Report Abuse Headline should read: Oil at an all time low to help economy! Interest rates are at an all time low to help the housing market.
skyking19 Champion Author Little Rock Posts:2,001 Points:1,699,815 Joined:Jan 2007	Message Posted: Jun 14, 2012 10:18:06 PM Ignore skyking19 Report Abuse Some short term relief still ahead.
Marson Champion Author Scranton Posts:8,952 Points:2,079,135 Joined:Oct 2006	Message Posted: Jun 14, 2012 10:17:07 PM Ignore Marson Report Abuse Just keep prices coming down.
Volkswagen62 Sophomore Author Salinas Posts:192 Points:663,070 Joined:Nov 2010	Message Posted: Jun 14, 2012 10:16:42 PM Ignore Volkswagen62 Report Abuse I still get out out of my car when I pull up to the gas pump, I get out, and assume the position, cause I know at ANY price now, the nozzle is going to get JAMMED up my ASS!!!
texashoudini Champion Author Austin Posts:2,627 Points:1,096,790 Joined:Jun 2009	Message Posted: Jun 14, 2012 10:16:42 PM Ignore texashoudini Report Abuse Any one for a twelve month low?
kingspade28 Rookie Author California Posts:8 Points:505 Joined:Jun 2012	Message Posted: Jun 14, 2012 10:16:06 PM Ignore kingspade28 Report Abuse tryin to squeze a lil tighter just to c
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Jun 14, 2012 10:13:27 PM Ignore tippybuddy Report Abuse ok
ChuckGVT Champion Author Vermont Posts:6,703 Points:1,694,175 Joined:Apr 2008	Message Posted: Jun 14, 2012 10:13:26 PM Ignore ChuckGVT Report Abuse Screw OPEC!
OGW Champion Author London Posts:5,329 Points:1,532,975 Joined:Sep 2005	Message Posted: Jun 14, 2012 10:11:55 PM Ignore OGW Report Abuse OPEC will not reduce production quotas as they need a vibrant econmy to make lots of money.
suzmar Champion Author Texas Posts:2,212 Points:873,340 Joined:Jun 2006	Message Posted: Jun 14, 2012 10:10:00 PM Ignore suzmar Report Abuse Because the world economy is poor, I wouldn't expect higher prices for oil.
serrog Champion Author Nova Scotia Posts:5,569 Points:1,513,105 Joined:Oct 2008	Message Posted: Jun 14, 2012 10:08:05 PM Ignore serrog Report Abuse Greed will rule the day
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: Jun 14, 2012 10:06:57 PM Ignore saleboss Report Abuse The global economy is in the crapper, and if OPEC wants any part of it they won't cause the prices to go up!
Spankster85 Champion Author Chicago Posts:1,729 Points:357,815 Joined:Nov 2011	Message Posted: Jun 14, 2012 10:06:41 PM Ignore Spankster85 Report Abuse Don't worry everybody. Something will break at one or more of the refineries and prices will go back through the roof.
danreino Champion Author Twin Cities Posts:8,358 Points:1,541,705 Joined:Mar 2008	Message Posted: Jun 14, 2012 10:05:50 PM Ignore danreino Report Abuse Time for a significant cost increase on Bakken Gold...Pay up Bi%#^%#S
Thomtec Champion Author Nashville Posts:2,464 Points:608,145 Joined:May 2011	Message Posted: Jun 14, 2012 10:04:59 PM Ignore Thomtec Report Abuse Bend over
NemoIL Champion Author Illinois Posts:3,030 Points:1,314,195 Joined:Aug 2008	Message Posted: Jun 14, 2012 10:03:30 PM Ignore NemoIL Report Abuse I ma sure OPEC will find a way to increase the price of oil.
MRHONEST Champion Author Illinois Posts:2,212 Points:1,676,430 Joined:May 2007	Message Posted: Jun 14, 2012 10:00:15 PM Ignore MRHONEST Report Abuse Do I here a cut in production coming?
SpankyMI Champion Author Kalamazoo Posts:2,713 Points:760,255 Joined:Jan 2011	Message Posted: Jun 14, 2012 10:00:13 PM Ignore SpankyMI Report Abuse OPEC needs to fill up the cookie jar again.
Bezalel Champion Author Oklahoma City Posts:12,103 Points:2,291,745 Joined:Oct 2006	Message Posted: Jun 14, 2012 9:58:43 PM Ignore Bezalel Report Abuse Several places here, the pump price is up 10¢ !
altima2008 Champion Author Philadelphia Posts:8,165 Points:1,737,990 Joined:Apr 2008	Message Posted: Jun 14, 2012 9:57:17 PM Ignore altima2008 Report Abuse Were still getting screwed at the pumps.