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Oil falls below $66 after bleak U.S. jobs data

reuters -- LONDON (Reuters) - Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

In the latest sign the economy of the world's top consumer was still struggling, data on Thursday showed U.S. employers cut 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment climbed to a 10-year high.

"All the data was bad yesterday," said Rob Montefusco, a trader at Sucden Financial. "Technically, it looks pretty weak at the moment."

U.S. crude fell by $1.22 to $65.51 a barrel by 1:18 p.m. EDT, extending the previous session's nearly 4 percent drop. London Brent crude fell $1.35 to $65.30.

Friday's trading volumes were thin as NYMEX floor trading was clos

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Submitted Jul 04, 2009 By: liltruckman

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bumpygas Champion Author Nebraska Posts:3,525 Points:962,425 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:49:07 AM Ignore bumpygas Report Abuse The price at the pump hasen't dropped a penny here.
TECH500 Champion Author Alberta Posts:3,141 Points:654,655 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:46:12 AM Ignore TECH500 Report Abuse Yes, but I bet they will be back up there before the month ends.
Tundralimited2009 Champion Author Dallas Posts:2,587 Points:520,450 Joined:Feb 2009	Message Posted: Jul 4, 2009 7:45:40 AM Ignore Tundralimited2009 Report Abuse Less money less gas sells
Lovelee Champion Author Detroit Posts:14,405 Points:1,077,750 Joined:Mar 2007	Message Posted: Jul 4, 2009 7:40:55 AM Ignore Lovelee Report Abuse Did someone loose all their retirement investment?
jony Champion Author Florida Posts:2,958 Points:826,900 Joined:May 2006	Message Posted: Jul 4, 2009 7:40:38 AM Ignore jony Report Abuse How could you be soooo right "Jarol"?
curlypooh Champion Author New Jersey Posts:4,952 Points:1,037,165 Joined:Apr 2007	Message Posted: Jul 4, 2009 7:39:27 AM Ignore curlypooh Report Abuse Hope all you 'long' players got burned. I love to see the profits go up in smoke.
Jarol Champion Author Iowa Posts:3,377 Points:618,010 Joined:Nov 2007	Message Posted: Jul 4, 2009 7:39:04 AM Ignore Jarol Report Abuse We currently have the worst national leaders since Jimmy Carter... and they may surpass him soon.
OleMiss79 Champion Author Fort Worth Posts:6,715 Points:728,290 Joined:May 2008	Message Posted: Jul 4, 2009 7:39:01 AM Ignore OleMiss79 Report Abuse prices are falling steadily here in Fort Worth. Down to under $2.30 a gallon at a few places and $2.30 - $2.35 at many.
Jarol Champion Author Iowa Posts:3,377 Points:618,010 Joined:Nov 2007	Message Posted: Jul 4, 2009 7:37:42 AM Ignore Jarol Report Abuse Our glorious leaders have not solved the economic picture but at least we will be able to afford gasoline.
Gas Slave Champion Author Lansing Posts:3,299 Points:776,820 Joined:Jul 2004	Message Posted: Jul 4, 2009 7:35:50 AM Ignore Gas Slave Report Abuse They're trying to squeeze the last dime out of us.
fordfan1 Champion Author Indiana Posts:4,199 Points:916,390 Joined:Jul 2007	Message Posted: Jul 4, 2009 7:35:19 AM Ignore fordfan1 Report Abuse I guess the Obama plan to save America is not working after all.
madison8359 Champion Author Cleveland Posts:2,895 Points:625,310 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:31:36 AM Ignore madison8359 Report Abuse So why are fuel prices at retail going up?
Gonner4332 Rookie Author Minnesota Posts:45 Points:210,175 Joined:Jan 2006	Message Posted: Jul 4, 2009 7:28:37 AM Ignore Gonner4332 Report Abuse Maybe the speculators took a day off.
rgjoslin Champion Author Colorado Springs Posts:3,500 Points:662,355 Joined:Sep 2008	Message Posted: Jul 4, 2009 7:22:21 AM Ignore rgjoslin Report Abuse No evidence that the price at the pump is falling.
turbosaab Champion Author Cleveland Posts:9,137 Points:1,438,665 Joined:Sep 2006	Message Posted: Jul 4, 2009 7:21:23 AM Ignore turbosaab Report Abuse Do we want full employment or low gas prices? We can't have both.
LanguageMan1 Champion Author Tampa Posts:5,980 Points:693,370 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:21:17 AM Ignore LanguageMan1 Report Abuse Everything is news driven today it seem. Whatever. I hope it goes down below $60 where it should be for now before heading up past $75 and $80 where they'll get it again.
MightyDude Champion Author Minnesota Posts:5,356 Points:1,676,295 Joined:Mar 2003	Message Posted: Jul 4, 2009 7:21:16 AM Ignore MightyDude Report Abuse right direction
fltdoc Champion Author Oklahoma Posts:3,485 Points:606,890 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:21:09 AM Ignore fltdoc Report Abuse It's too bad that we have to have bad economic news to get a break in oil.
nb52 Champion Author Grand Rapids Posts:2,887 Points:581,965 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:20:58 AM Ignore nb52 Report Abuse This is not good for people with 401K money in oil futures.
Jeepp Champion Author Boston Posts:1,574 Points:431,960 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:19:49 AM Ignore Jeepp Report Abuse Let's hope the price continues to go down.
Badmoon Champion Author Massachusetts Posts:3,361 Points:678,965 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:19:15 AM Ignore Badmoon Report Abuse $40.00 here we come.
Skipper52 Champion Author Massachusetts Posts:2,561 Points:634,900 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:18:25 AM Ignore Skipper52 Report Abuse We can have a impact. The oil countries are losing money and they will drop the price if we keep conserving.
granma3xnow Champion Author Indiana Posts:1,998 Points:410,675 Joined:Dec 2008	Message Posted: Jul 4, 2009 7:17:48 AM Ignore granma3xnow Report Abuse So this is more drivel from the speculators, that we know we cannot trust.
ttwiw Champion Author Austin Posts:1,999 Points:919,195 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:17:39 AM Ignore ttwiw Report Abuse Oil future traders wrong? OMG
clermont40miles Champion Author Cincinnati Posts:4,761 Points:807,645 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:16:26 AM Ignore clermont40miles Report Abuse Gas needs to drop about 80cts/gal. Oil needs to get back to 35 to 40. The speculator scum bubble has popped. Many were scorched. Let's hope they stay away. Good news of the bad economic news -- oil prices are dropping. Last few dollars left in consumer's pocket have been vacuumed out. Now they go away.
SE3.5 Champion Author Indianapolis Posts:11,266 Points:2,190,125 Joined:May 2004	Message Posted: Jul 4, 2009 7:16:23 AM Ignore SE3.5 Report Abuse So gas will be cheap, but nobody can afford to buy it at any price.
BartBuzz Champion Author Atlanta Posts:3,943 Points:810,985 Joined:Aug 2006	Message Posted: Jul 4, 2009 7:16:06 AM Ignore BartBuzz Report Abuse The price needs to keep dropping if we want lower gas prices. Keep conserving.
BeaverBilly Champion Author Alberta Posts:4,995 Points:1,578,660 Joined:Feb 2003	Message Posted: Jul 4, 2009 7:15:36 AM Ignore BeaverBilly Report Abuse No jobs, no gas.
Joeski1 Champion Author New Jersey Posts:3,841 Points:766,405 Joined:Dec 2004	Message Posted: Jul 4, 2009 7:14:25 AM Ignore Joeski1 Report Abuse 90.5% OF AMERICANS THAT WANT TO WORK HAVE JOBS.... they may not get paid enough wages, have no benefits or vacation time... in fact... they may not even get health insurance.. or even be able to live off their paycheck.... but they can still breath.... we need to look into taxing breathing!!
hoof11 All-Star Author Pennsylvania Posts:669 Points:45,095 Joined:May 2009	Message Posted: Jul 4, 2009 7:14:16 AM Ignore hoof11 Report Abuse No Stimulus Will Work When 99 Percent Of Our Goods Are Made In China .So Fill'er Up With Opec Oil And Shop China And Whats Let Obama Will Tax Along With Your State And Schools
courier400 Champion Author Kansas Posts:9,751 Points:2,167,405 Joined:Mar 2004	Message Posted: Jul 4, 2009 7:11:16 AM Ignore courier400 Report Abuse crooks and greed!
rrspguy Veteran Author Ontario Posts:267 Points:369,500 Joined:May 2008	Message Posted: Jul 4, 2009 7:10:18 AM Ignore rrspguy Report Abuse If the consumption numbers are right, OIL shouldn't be priced over $50 currently. Greed, greed and more GREED! And globally the consumer pays for that with employers cutting more jobs as they all try to survive the recession. What an unbelievable world we've created!
texasparkranger Champion Author Texas Posts:2,565 Points:323,875 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:09:31 AM Ignore texasparkranger Report Abuse They will even give out misleading information to get the price up.
Matts_Pap Champion Author Pennsylvania Posts:4,608 Points:835,940 Joined:Feb 2008	Message Posted: Jul 4, 2009 7:09:00 AM Ignore Matts_Pap Report Abuse Groundhog Day.
no1doc Champion Author Milwaukee Posts:7,250 Points:812,360 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:08:17 AM Ignore no1doc Report Abuse What is the "stimulus" accomplishing? Come on $2 gas.
danny999 Champion Author Florida Posts:3,701 Points:662,860 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:05:07 AM Ignore danny999 Report Abuse BUY ON RUMOR DUM,DUM,AND SELL ON FACTS.
Rick01 Champion Author Utah Posts:4,041 Points:1,414,840 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:01:14 AM Ignore Rick01 Report Abuse Still way to high to help get the economy moving again.
Wizrd03 Champion Author Illinois Posts:3,228 Points:662,505 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:00:25 AM Ignore Wizrd03 Report Abuse Good
sing_1 Champion Author Florida Posts:1,028 Points:262,455 Joined:Sep 2007	Message Posted: Jul 4, 2009 6:59:07 AM Ignore sing_1 Report Abuse Continue to encourage research into alternative fuels.
unsoundmind Champion Author Salt Lake City Posts:7,632 Points:1,519,350 Joined:Apr 2006	Message Posted: Jul 4, 2009 6:58:31 AM Ignore unsoundmind Report Abuse Hum, something isn't working with this stimulus thing. The job losses keep mounting.
swartzrora Champion Author South Carolina Posts:3,465 Points:422,285 Joined:Jul 2008	Message Posted: Jul 4, 2009 6:58:02 AM Ignore swartzrora Report Abuse just a cycle
rtw777 Champion Author Florida Posts:4,424 Points:866,900 Joined:Jan 2008	Message Posted: Jul 4, 2009 6:56:37 AM Ignore rtw777 Report Abuse Oil should be much lower than $65.
Dancin Champion Author Toronto Posts:4,221 Points:1,784,145 Joined:Mar 2004	Message Posted: Jul 4, 2009 6:54:56 AM Ignore Dancin Report Abuse It sure as hell is bleak. And oil at this price helps sustain economic doldrums.
rtw777 Champion Author Florida Posts:4,424 Points:866,900 Joined:Jan 2008	Message Posted: Jul 4, 2009 6:52:30 AM Ignore rtw777 Report Abuse Good and bad news.
rippinusoff Champion Author Lexington Posts:2,489 Points:516,415 Joined:May 2007	Message Posted: Jul 4, 2009 6:51:00 AM Ignore rippinusoff Report Abuse what happened to $75- $80 a barrel panic?
trikemike Veteran Author Rochester Posts:320 Points:53,270 Joined:Sep 2008	Message Posted: Jul 4, 2009 6:49:06 AM Ignore trikemike Report Abuse up, down, up down, get used to it
fire@53 Champion Author Philadelphia Posts:7,081 Points:1,829,400 Joined:May 2003	Message Posted: Jul 4, 2009 6:49:01 AM Ignore fire@53 Report Abuse The speculators keep trying for $100 or more oil.
jpd683 All-Star Author Scranton Posts:993 Points:914,640 Joined:Jul 2005	Message Posted: Jul 4, 2009 6:48:49 AM Ignore jpd683 Report Abuse Some areas of Northeast Pennsylvania are dropping prices. Lowest in the Scranton area is Sams Club for members only 2.54 Other range from 2.61 to 2.95 at a Citgo Station on Moosic St. in Scranton. I also beleive that the holiday weekend is keeping prices up.
mpskek Champion Author Madison Posts:7,655 Points:1,344,755 Joined:Aug 2006	Message Posted: Jul 4, 2009 6:47:58 AM Ignore mpskek Report Abuse every cloud has a silver lining
Jizme Champion Author Lincoln Posts:4,933 Points:1,932,090 Joined:Oct 2004	Message Posted: Jul 4, 2009 6:44:40 AM Ignore Jizme Report Abuse I want to see the price of oil drop to $50 per barrel.
VREP Champion Author Vermont Posts:2,911 Points:601,595 Joined:Aug 2005	Message Posted: Jul 4, 2009 6:44:22 AM Ignore VREP Report Abuse Pump prices are still increasing in this area.