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Oil hovers above $88 on stimulus hopes

The Associated Press -- PABLO GORONDI
Published: July 17th, 2012 03:55 AM
Last Modified: July 17th, 2012 04:00 AM

Oil hovered above $88 a barrel Tuesday amid hopes China and the U.S. will take new steps to bolster their economies.

By early afternoon in Europe, benchmark crude was up 15 cents at $88.58 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.33 to end at $88.43 in New York on Monday.

In London, Brent crude was up $1.10 at $104.03 a barrel on the ICE Futures exchange.

Oil was underpinned by expectations that U.S. and China will do more to prop up slowing economic growth. The two countries are the world's biggest and second-biggest crude consumers. As consumers spend more and the economy strengthens, demand for oil is likely to rise.

Some analysts believe Federal

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Submitted Jul 17, 2012 By: Nitewolf

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36_ACRES_4_SALE All-Star Author Appleton Posts:999 Points:338,815 Joined:Oct 2011	Message Posted: Jul 18, 2012 4:01:48 PM Ignore 36_ACRES_4_SALE Report Abuse We have way too much government.
BBopp Champion Author Dayton Posts:6,839 Points:1,938,455 Joined:Dec 2006	Message Posted: Jul 18, 2012 4:03:20 AM Ignore BBopp Report Abuse So why has the pumps prices jumped more than 20 cents per gallon?
wild3bill Champion Author New York Posts:2,546 Points:1,687,015 Joined:Nov 2005	Message Posted: Jul 17, 2012 11:38:47 PM Ignore wild3bill Report Abuse Did someone say oil hovers over $88 over stimulus hoax????????????????????
bston Champion Author Oklahoma City Posts:1,820 Points:642,275 Joined:Mar 2011	Message Posted: Jul 17, 2012 11:26:35 PM Ignore bston Report Abuse We can only hope it may go lower!
jetskijerry Champion Author North Carolina Posts:3,901 Points:773,245 Joined:Mar 2011	Message Posted: Jul 17, 2012 11:14:27 PM Ignore jetskijerry Report Abuse price jumped at the pump today
jetskijerry Champion Author North Carolina Posts:3,901 Points:773,245 Joined:Mar 2011	Message Posted: Jul 17, 2012 11:14:11 PM Ignore jetskijerry Report Abuse crooks
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: Jul 17, 2012 11:09:57 PM Ignore anascom Report Abuse this is bad. i hope it will come down below $80 this summer!
amerk73 Champion Author Dallas Posts:7,050 Points:1,621,080 Joined:Oct 2008	Message Posted: Jul 17, 2012 10:56:16 PM Ignore amerk73 Report Abuse WTI Crude Oil now at $88.97
esq262 Champion Author Asheville Posts:2,902 Points:648,490 Joined:Jul 2011	Message Posted: Jul 17, 2012 9:14:49 PM Ignore esq262 Report Abuse Gird yourselves for higher prices.
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: Jul 17, 2012 7:15:36 PM Ignore eomc17 Report Abuse Sick and tired of prices jumping due to 'hopes'.
MidNJ Champion Author New Jersey Posts:7,559 Points:1,173,100 Joined:Sep 2009	Message Posted: Jul 17, 2012 6:42:44 PM Ignore MidNJ Report Abuse car253 - Yep, vote for Mitt Robme, and let's see how many more jobs the USA can outsource to China.
bigthighs All-Star Author Tucson Posts:550 Points:52,965 Joined:May 2012	Message Posted: Jul 17, 2012 6:25:46 PM Ignore bigthighs Report Abuse no stimulus
Nicoalbum Champion Author Ottawa Posts:6,021 Points:1,189,025 Joined:Jan 2010	Message Posted: Jul 17, 2012 6:15:16 PM Ignore Nicoalbum Report Abuse Stimulus means basically more indebtment.
cmmattia Champion Author Long Island Posts:1,981 Points:391,585 Joined:Mar 2012	Message Posted: Jul 17, 2012 6:08:51 PM Ignore cmmattia Report Abuse great... now we can expect the prices at the pump to go up :(
comprof Champion Author Houston Posts:6,864 Points:1,357,725 Joined:Jul 2009	Message Posted: Jul 17, 2012 3:08:52 PM Ignore comprof Report Abuse Get the regulators and speculators out of the market.
car253 Champion Author Ohio Posts:6,293 Points:1,468,620 Joined:Oct 2008	Message Posted: Jul 17, 2012 2:08:37 PM Ignore car253 Report Abuse No more stimulus, no more Obama.
bisonjim Champion Author Florida Posts:1,060 Points:207,205 Joined:May 2012	Message Posted: Jul 17, 2012 1:42:37 PM Ignore bisonjim Report Abuse Not only do speculators manipulate oil prices with good economic news, they manipulate prices, at even a hint of good economic news
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Jul 17, 2012 1:01:36 PM Ignore dh0770 Report Abuse The daily hopes and fears used as excuses to manipulate!
scu227 Champion Author New Haven Posts:4,152 Points:771,880 Joined:Feb 2011	Message Posted: Jul 17, 2012 12:12:38 PM Ignore scu227 Report Abuse Prioces should be a lot lower, even if there is some kind of stimulus it would take weeks or months to have an impact, so why are we psying now for a possible increase in demand in the future?
jlf599 Veteran Author Kentucky Posts:339 Points:126,925 Joined:May 2012	Message Posted: Jul 17, 2012 11:37:33 AM Ignore jlf599 Report Abuse Speculators want to milk it for everything they can...at our expense.
LostInNY Champion Author New York Posts:1,721 Points:648,045 Joined:Apr 2011	Message Posted: Jul 17, 2012 11:37:28 AM Ignore LostInNY Report Abuse Nothing like a little armed conflict in the Middle East to put more money in the pockets of the greedy ah*s
humblepie Champion Author Toledo Posts:34,231 Points:2,372,120 Joined:Mar 2006	Message Posted: Jul 17, 2012 11:03:52 AM Ignore humblepie Report Abuse once obama and obamacare are gone, jobs and the american economy will flourish once again..
lesabreAZ Champion Author Phoenix Posts:1,691 Points:412,455 Joined:Nov 2011	Message Posted: Jul 17, 2012 10:58:28 AM Ignore lesabreAZ Report Abuse Speculators want to shut down the US economy
FPLREP Champion Author Virginia Posts:8,261 Points:2,448,250 Joined:Oct 2005	Message Posted: Jul 17, 2012 10:54:38 AM Ignore FPLREP Report Abuse Isn't going to happen and it shouldn't. the best stimulus that costs next to nothing is a new leader being chosen in November.
pscamp Champion Author Ottawa Posts:3,285 Points:475,360 Joined:May 2011	Message Posted: Jul 17, 2012 10:37:35 AM Ignore pscamp Report Abuse Whatever
doggod Champion Author Anchorage Posts:2,848 Points:741,360 Joined:May 2009	Message Posted: Jul 17, 2012 10:29:27 AM Ignore doggod Report Abuse That market traders would pin hopes for better economic times on the expectation of government interventions says a lot about the stupidity generations of government-school brainwashing has wreaked upon the population. Obviously, they actually believe these government interventions are going to work. Obviously, they are going to be wrong. Obviously, they are going to be wringing their hands and crying "alas!" when it all plays out. Funny, if it weren't so scary on account of these people making decisions that affect the rest of us.
wild3bill Champion Author New York Posts:2,546 Points:1,687,015 Joined:Nov 2005	Message Posted: Jul 17, 2012 10:14:22 AM Ignore wild3bill Report Abuse GOD has other plans: drought was the trigger for the great depression!Have your listened to farm weather reports! HIGHWAY To HELL!
wild3bill Champion Author New York Posts:2,546 Points:1,687,015 Joined:Nov 2005	Message Posted: Jul 17, 2012 10:11:27 AM Ignore wild3bill Report Abuse The Blind is leading a lame brain, Speculators hope every one will follow. I would bet the economies have been on the road to HELL. It is unpaved without good intentions!
Night Owl Champion Author Toronto Posts:7,555 Points:1,787,575 Joined:Jul 2004	Message Posted: Jul 17, 2012 10:07:53 AM Ignore Night Owl Report Abuse Greedy oil speculators can't stop doing this. They keep raising oil prices on their hopes that world economies will finally recover. But by raising oil prices, they kill off any hope of economic recovery. Traders need to be banned from even looking at oil futures.
memo81 Champion Author St. Louis Posts:2,353 Points:445,475 Joined:Feb 2012	Message Posted: Jul 17, 2012 9:59:08 AM Ignore memo81 Report Abuse More bad news
Van_Halen Champion Author Atlanta Posts:2,850 Points:641,980 Joined:Apr 2011	Message Posted: Jul 17, 2012 9:56:10 AM Ignore Van_Halen Report Abuse . The last thing we need is more Stimulus and a further weakening of our already devalued Dollar! The following are several facts that Barack Obama does not want you to see…. $3.59 - When Barack Obama entered the White House, the average price of a gallon of gasoline was $1.85. Today, it is$3.59. 22 - It is hard to believe, but today the poverty rate for children living in the United States is a whopping 22 percent. 23 - According to U.S. Representative Betty Sutton, an average of 23 manufacturing facilities permanently shut down in the United States every single day during 2010. 30 - Back in 2007, about 10 percent of all unemployed Americans had been out of work for 52 weeks or longer. Today, that number is above 30 percent. 32 - The amount of money that the federal government gives directly to Americans has increased by 32 percent since Barack Obama entered the White House. 35 - U.S. housing prices are now down a total of 35 percent from the peak of the housing bubble. 40 - The official U.S. unemployment rate has been above 8 percent for 40 months in a row. 42 - According to one survey, 42 percent of all American workers are currently living paycheck to paycheck. 48 - Shockingly, at this point 48 percent of all Americans are either considered to be “low income” or are living in poverty. 49 - Today, an astounding 49.1 percent of all Americans live in a home where at least one person receives benefits from the government. 53 - Last year, an astounding 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed. .
Pozole Champion Author Portland Posts:9,602 Points:1,595,495 Joined:Mar 2005	Message Posted: Jul 17, 2012 9:44:21 AM Ignore Pozole Report Abuse ...so, if we do well, then gas and oil go UP...what a sick world...
bills299 Champion Author Atlanta Posts:3,366 Points:904,490 Joined:May 2005	Message Posted: Jul 17, 2012 9:43:51 AM Ignore bills299 Report Abuse Maybe if they lowered oil prices this would help boost the economy!!
BEGTWO Champion Author Maryland Posts:1,947 Points:724,515 Joined:Sep 2010	Message Posted: Jul 17, 2012 9:41:17 AM Ignore BEGTWO Report Abuse Hover down!
EricBrazil Champion Author Miami Posts:2,132 Points:471,500 Joined:Nov 2011	Message Posted: Jul 17, 2012 9:30:25 AM Ignore EricBrazil Report Abuse Interesting. Skeptical.