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Oil Declines From Seven-Week High on Outlook for China, Europe

Bloomberg via Yahoo! Finance -- Oil fell from a seven-week high in New York on concern that fuel demand may falter after China signaled risks to its economy and as analysts cut profit forecasts for European companies at the fastest rate since 2009.

Futures slid as much as 0.7 percent after advancing a fifth day yesterday, the longest run of gains since April. The risk of job losses in China, the world's second-biggest crude user, will become more "severe," Premier Wen Jiabao said, according to a statement on the government's website. Profits for companies included in the Euro Stoxx 50 Index will rise 6.8 percent in 2012, compared with a 19 percent gain predicted at the start of the year, more than 12,000 estimates compiled by Bloomberg show.

"It's not looking strong in China or Europe," said Torbjoern Kjus, an oil ...

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Submitted Jul 18, 2012 By: brbaritone

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BIGOILEATURCRUD Champion Author North Carolina Posts:5,792 Points:1,381,425 Joined:Nov 2008	Message Posted: Jul 19, 2012 4:28:10 AM Ignore BIGOILEATURCRUD Report Abuse I blinked & missed the dip, maybe next time.
52MPG Champion Author Dayton Posts:7,277 Points:1,744,630 Joined:Apr 2006	Message Posted: Jul 19, 2012 4:21:07 AM Ignore 52MPG Report Abuse If you take out the US economy the hole world will suffer.
DrCashFlow Champion Author Massachusetts Posts:7,075 Points:1,629,095 Joined:Jun 2008	Message Posted: Jul 19, 2012 1:16:51 AM Ignore DrCashFlow Report Abuse Next recession is imminent
TRYWI All-Star Author Appleton Posts:898 Points:282,150 Joined:Jan 2012	Message Posted: Jul 19, 2012 12:48:25 AM Ignore TRYWI Report Abuse keep it down
doctorindyj Champion Author Santa Fe Posts:3,463 Points:841,760 Joined:Nov 2009	Message Posted: Jul 18, 2012 9:46:05 AM Ignore doctorindyj Report Abuse Ha! Other articles are blaming the fed's 'gloomy outlook' for the recovery and others are blaming inventory reports. Which is it?
werich44 Champion Author California Posts:1,867 Points:470,905 Joined:Jun 2011	Message Posted: Jul 18, 2012 8:13:33 AM Ignore werich44 Report Abuse Obama will fix everything he just needs 4 more years and a few trillion dollars to make it all happen. Trust Obama, he has your back!!!
ToolinIt Champion Author Colorado Posts:1,803 Points:888,945 Joined:May 2010	Message Posted: Jul 18, 2012 7:48:17 AM Ignore ToolinIt Report Abuse Just yesterday the prices were up for the very same news. Crazy.
gs7101 Champion Author San Antonio Posts:5,533 Points:389,120 Joined:Jun 2009	Message Posted: Jul 18, 2012 7:35:13 AM Ignore gs7101 Report Abuse Oil prices fall; gas prices at the pump increase!
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Jul 18, 2012 7:20:22 AM Ignore northeast2 Report Abuse If it only it had something to do with actual supply and demand instead of all this crazy stuff.
WalRus49 Champion Author Boston Posts:4,085 Points:870,815 Joined:Nov 2010	Message Posted: Jul 18, 2012 7:15:55 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage..............
scu227 Champion Author New Haven Posts:4,162 Points:773,830 Joined:Feb 2011	Message Posted: Jul 18, 2012 7:08:16 AM Ignore scu227 Report Abuse prices still climbing here
Xavier80 Champion Author Victoria Posts:1,788 Points:380,390 Joined:Apr 2012	Message Posted: Jul 18, 2012 7:03:20 AM Ignore Xavier80 Report Abuse ok
amerk73 Champion Author Dallas Posts:7,060 Points:1,623,030 Joined:Oct 2008	Message Posted: Jul 18, 2012 6:36:14 AM Ignore amerk73 Report Abuse Brent Crude Oil $100.32
matman01 Champion Author Detroit Posts:14,849 Points:1,962,785 Joined:May 2007	Message Posted: Jul 18, 2012 6:23:49 AM Ignore matman01 Report Abuse So when should we look at the pump prices to fall?
gasmad666 Champion Author Illinois Posts:1,856 Points:394,245 Joined:Mar 2012	Message Posted: Jul 18, 2012 6:23:49 AM Ignore gasmad666 Report Abuse Will we see it at the pump
tgusa Champion Author Virginia Beach Posts:2,476 Points:439,875 Joined:Jun 2006	Message Posted: Jul 18, 2012 6:12:47 AM Ignore tgusa Report Abuse Good
csblesson Champion Author Texas Posts:1,821 Points:355,600 Joined:May 2012	Message Posted: Jul 18, 2012 6:07:20 AM Ignore csblesson Report Abuse keep it down
yardslave Champion Author Oklahoma City Posts:2,565 Points:598,755 Joined:Dec 2005	Message Posted: Jul 18, 2012 6:06:32 AM Ignore yardslave Report Abuse Get excited? I don't think so...
farmboyTN Champion Author Tennessee Posts:2,272 Points:451,260 Joined:Feb 2012	Message Posted: Jul 18, 2012 6:00:21 AM Ignore farmboyTN Report Abuse Price will not be good for US.
335d1 Champion Author Virginia Posts:2,391 Points:760,995 Joined:Feb 2011	Message Posted: Jul 18, 2012 5:58:03 AM Ignore 335d1 Report Abuse But it will rise on Gulf tensions.
brbaritone Champion Author Virginia Posts:2,070 Points:1,699,725 Joined:Jan 2007	Message Posted: Jul 18, 2012 5:56:23 AM Ignore brbaritone Report Abuse The article continues: ... analyst at DnB NOR ASA in Oslo, who predicts that prices will rebound in the second half as global demand recovers. "The U.S. has been improving since around March or April. There have been a couple of drawdowns in crude inventories and I expect the same later today, though it's going to take a long time to get inventories down to last year's levels." Oil for August delivery dropped as much as 63 cents to $88.59 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.11 at 9:32 a.m. London time. The contract gained 0.9 percent yesterday to $89.22, the highest close since May 29. Prices are down 10 percent this year. Brent crude for September settlement on the London-based ICE Futures Europe exchange declined as much as 78 cents, or 0.8 percent, to $103.22 a barrel. The European benchmark contract was at a $14.38 premium to New York-traded West Texas Intermediate grade, down from $14.46 yesterday.