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Oil Settles Near $82 on Strong Dollar, OPEC Output

CNBC -- Oil prices slid on Thursday, snapping a two-day advance, as the dollar strengthened and the euro remained under pressure amid concerns about Greece's debt problems.

Trading sources expressed caution about oil's recent rise, which may not be justified by fundamentals. An analyst report forecasting that OPEC exports would rise in the four weeks to April 3 also helped keep oil futures pinned to the downside.

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Submitted Mar 18, 2010 By: EVH_1984

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Bonanza Champion Author Boston Posts:9,282 Points:2,084,005 Joined:Jun 2004	Message Posted: Mar 20, 2010 9:06:06 PM Ignore Bonanza Report Abuse There's no rhyme nor reason for these oil/gas prices.
signwiz Champion Author Indiana Posts:1,395 Points:1,349,080 Joined:Feb 2006	Message Posted: Mar 18, 2010 11:10:00 PM Ignore signwiz Report Abuse Doesn't look like the dollar can go anywhere but down short term.
Nortnarg Veteran Author Kansas City Posts:425 Points:376,135 Joined:Sep 2005	Message Posted: Mar 18, 2010 9:39:02 PM Ignore Nortnarg Report Abuse Well, ain't been sliding here.
MidNJ Champion Author New Jersey Posts:4,623 Points:738,520 Joined:Sep 2009	Message Posted: Mar 18, 2010 9:14:56 PM Ignore MidNJ Report Abuse amearly, "So even when the dollar goes up the speculators think oil and gas should go up regardless?" Yep, that probably is what the speculators think.
my3sons Champion Author New York Posts:4,455 Points:1,506,535 Joined:Aug 2005	Message Posted: Mar 18, 2010 9:11:56 PM Ignore my3sons Report Abuse it needs to DROP!!
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Mar 18, 2010 9:11:02 PM Ignore RobRD Report Abuse As the American dollar strengthens the price should drop.
1Casey Champion Author Albany Posts:4,516 Points:1,418,710 Joined:Jun 2004	Message Posted: Mar 18, 2010 9:10:45 PM Ignore 1Casey Report Abuse Is it the Dollar,Loonie or euro, How long will this settle ? Wait until the next speculator writes.
PetroScopper Champion Author Houston Posts:4,361 Points:1,089,725 Joined:Aug 2008	Message Posted: Mar 18, 2010 9:09:47 PM Ignore PetroScopper Report Abuse "which may not be justified by fundamentals"... that's a total understatement!
Grismer Champion Author Kitchener-Waterloo Posts:6,258 Points:1,271,445 Joined:Apr 2008	Message Posted: Mar 18, 2010 9:09:09 PM Ignore Grismer Report Abuse If recent price increases "may not be justified by fundamentals" then just what is creating these current increases?
netman044 Champion Author Texas Posts:5,285 Points:893,285 Joined:Sep 2005	Message Posted: Mar 18, 2010 9:08:25 PM Ignore netman044 Report Abuse Don't worry, the dollar will go back down just as soon as the health care bill is passed and the government has to spend more money that it doesn't have.
dbatw Champion Author St. Louis Posts:1,686 Points:341,165 Joined:Apr 2009	Message Posted: Mar 18, 2010 9:06:01 PM Ignore dbatw Report Abuse but, but, but, our all-knowing PD just told us it was the WEAK dollar causing the crude prices to rise! Only idiots think they know the answers and have answers that vary day by day sometimes 180 degrees out of phase. Suggestion: use your Qiggy boards.
mark1962 Champion Author Albany Posts:3,385 Points:800,865 Joined:Sep 2009	Message Posted: Mar 18, 2010 9:00:40 PM Ignore mark1962 Report Abuse They said they would not change output!
Zeke33 Champion Author New Hampshire Posts:3,866 Points:1,277,690 Joined:Sep 2005	Message Posted: Mar 18, 2010 8:52:48 PM Ignore Zeke33 Report Abuse Small drop big rise small drop big rise. That is the game plan to raise the prices. It tosses the consumer a SMALL bone when the price drops a little.
goodbuy Champion Author Michigan Posts:5,509 Points:991,935 Joined:May 2005	Message Posted: Mar 18, 2010 8:51:32 PM Ignore goodbuy Report Abuse One word, SPECUALTORS.
jcurley Champion Author California Posts:5,632 Points:1,320,595 Joined:Dec 2007	Message Posted: Mar 18, 2010 8:50:56 PM Ignore jcurley Report Abuse NatureBoyKY is on the right track. I wish I could have ALL of the speculators over for "dinner" one night, including the CEO's of those financial firms.
cdanielwyke Champion Author Greensboro Posts:2,369 Points:582,760 Joined:Sep 2008	Message Posted: Mar 18, 2010 8:45:27 PM Ignore cdanielwyke Report Abuse the goal for the next month is $85, then there will be a selloff. after that it will be $90, selloff. the cycle repeats, etc. same thing happened two years ago.
NatureBoyKY Champion Author Kentucky Posts:2,646 Points:975,430 Joined:Jan 2008	Message Posted: Mar 18, 2010 8:43:57 PM Ignore NatureBoyKY Report Abuse I wish I could have a speculator over for dinner one night.
DEG Champion Author Las Vegas Posts:15,392 Points:3,053,405 Joined:Jul 2003	Message Posted: Mar 18, 2010 8:41:52 PM Ignore DEG Report Abuse Needs to head back to $40/barrel.
WilW Champion Author Atlanta Posts:9,859 Points:2,210,785 Joined:Aug 2004	Message Posted: Mar 18, 2010 8:39:07 PM Ignore WilW Report Abuse How 'bout a little more "settling".
Rick52 Champion Author Milwaukee Posts:9,417 Points:737,260 Joined:Mar 2005	Message Posted: Mar 18, 2010 8:37:25 PM Ignore Rick52 Report Abuse What ever they say or what ever they do is an Excuse to jack up the price !!!!!
Insp0999 All-Star Author South Carolina Posts:707 Points:266,160 Joined:Sep 2008	Message Posted: Mar 18, 2010 8:12:28 PM Ignore Insp0999 Report Abuse I don't have enough dollars for them to be very strong.
ACTown Champion Author Oregon Posts:1,853 Points:1,118,695 Joined:Jun 2007	Message Posted: Mar 18, 2010 8:08:22 PM Ignore ACTown Report Abuse Strong or not as week.
DancingDee Champion Author Gary Posts:3,640 Points:907,510 Joined:Jul 2005	Message Posted: Mar 18, 2010 8:04:47 PM Ignore DancingDee Report Abuse My dollar doesn't feel strong!!!
SSchmidty Champion Author Illinois Posts:6,953 Points:1,323,635 Joined:Mar 2008	Message Posted: Mar 18, 2010 8:02:40 PM Ignore SSchmidty Report Abuse Say oink, oink miss pig-oil & friends!
danny999 Champion Author Florida Posts:6,345 Points:1,171,085 Joined:Oct 2008	Message Posted: Mar 18, 2010 8:01:52 PM Ignore danny999 Report Abuse SAME MANIPULATING , NEW DAY.
POLELANE Champion Author Ohio Posts:7,148 Points:828,370 Joined:Mar 2008	Message Posted: Mar 18, 2010 8:00:55 PM Ignore POLELANE Report Abuse We've seen high and we've seen low; but the average around here hasn't moved much; good news for spring planting and spring breaks.
Plebe2001 Champion Author Philadelphia Posts:2,868 Points:560,725 Joined:Jul 2008	Message Posted: Mar 18, 2010 7:59:35 PM Ignore Plebe2001 Report Abuse 'TheSnowstorm' If you have read the articles were on GasBuddy you would know that the oil companies switch to spring/summer/fall gas which ads to the cost. It is a blend of gas that is better for warmer weather driving. Depending on your climate depends when they make the switch.
TheSnowstorm Champion Author Montreal Posts:6,817 Points:1,473,500 Joined:June 2005	Message Posted: Mar 18, 2010 7:53:48 PM Ignore TheSnowstorm Report Abuse Wait, the best is yet to come. We are only 2 days from the start of spring, which means that it's time form summer prices, even though the peak summer driving season is still 3 to 4 months away.
knot2swift Champion Author Calgary Posts:2,428 Points:412,535 Joined:Nov 2009	Message Posted: Mar 18, 2010 7:49:13 PM Ignore knot2swift Report Abuse Funny...Just yesterday we were reading about "Technical Analysis" pointing to $90 oil by anal_ ists. Today they say, the fundamentals don't justify today's price. It is quite possible for a guy to Bi-Polar Disorder trying to believe this crap.
silvolvo Veteran Author Twin Cities Posts:258 Points:876,900 Joined:Apr 2008	Message Posted: Mar 18, 2010 7:48:09 PM Ignore silvolvo Report Abuse You have to appreciate the comment "Trading sources expressed caution about oil's recent rise, which may not be justified by fundamentals." Darn speculators.
woodeye55 Champion Author Gary Posts:4,646 Points:1,390,655 Joined:Mar 2006	Message Posted: Mar 18, 2010 7:46:47 PM Ignore woodeye55 Report Abuse God bless OPEC for their thoughtfulness.
heysailor Champion Author Pittsburgh Posts:7,226 Points:1,866,160 Joined:Mar 2006	Message Posted: Mar 18, 2010 7:45:24 PM Ignore heysailor Report Abuse Shouldn't that make oil drop? I mean oil goes up when the dollar weakens. So why isn't it dropping.
amearly Champion Author Michigan Posts:9,745 Points:2,002,580 Joined:Jan 2006	Message Posted: Mar 18, 2010 7:44:21 PM Ignore amearly Report Abuse So even when the dollar goes up the speculators think oil and gas should go up regardless?
BobbyVA Champion Author Virginia Beach Posts:3,421 Points:745,990 Joined:Jul 2009	Message Posted: Mar 18, 2010 7:43:56 PM Ignore BobbyVA Report Abuse Yada, yada, yada.......The merry go round continues, rise/fall, rise/fall, over and over again, when will it stop. Its driving me crazy.
TAT36 Champion Author Florida Posts:4,428 Points:844,420 Joined:Sep 2009	Message Posted: Mar 18, 2010 7:43:33 PM Ignore TAT36 Report Abuse The question now is if both Greece and Spain collapse financially and the Euro loses it's value will the dollar rise to be the strongest currency in the world? If his does happen will it force the price of oil down or will there just be more speculation?
nightworker998 Champion Author Maryland Posts:1,174 Points:506,240 Joined:Mar 2009	Message Posted: Mar 18, 2010 7:40:36 PM Ignore nightworker998 Report Abuse Oil's rises have nothing to do with fundamentals! Unless there is a coup in Nigeria
4warned Champion Author Michigan Posts:5,512 Points:1,739,140 Joined:Nov 2006	Message Posted: Mar 18, 2010 7:36:11 PM Ignore 4warned Report Abuse Somebody is getting rich and is not me.
lembs All-Star Author San Francisco Posts:905 Points:861,350 Joined:May 2005	Message Posted: Mar 18, 2010 7:31:29 PM Ignore lembs Report Abuse the traders and speculators are having field day
ashishpa All-Star Author St. Louis Posts:951 Points:217,540 Joined:Feb 2010	Message Posted: Mar 18, 2010 7:29:54 PM Ignore ashishpa Report Abuse This is just for a day or two. I dont think it would go down.
divebomber Champion Author Nebraska Posts:3,709 Points:1,344,340 Joined:Jun 2007	Message Posted: Mar 18, 2010 7:27:02 PM Ignore divebomber Report Abuse I'm getting my bicycle out NOW!
plebe2001de Champion Author Delaware Posts:1,175 Points:254,715 Joined:Nov 2009	Message Posted: Mar 18, 2010 7:13:20 PM Ignore plebe2001de Report Abuse 'bbreff' The idea that crude oil should be at $ 30 would be nice, but I do not count on that happening in the near future, maybe never again. And the administrations which ever is in office have very little power to control the price of crude oil, especially in the short run. Supply and demand and in some cases the expected supply and demand have the moist impact on prices. If we encourage oil production through Government Policy we might help level or raise the price over the long time.
YLHandyman Champion Author Orange County Posts:5,008 Points:930,140 Joined:Feb 2008	Message Posted: Mar 18, 2010 7:12:07 PM Ignore YLHandyman Report Abuse If the dollar were really strong then maybe oil would be under $50 per barrel.
I10Express Champion Author San Antonio Posts:6,301 Points:1,172,970 Joined:Nov 2008	Message Posted: Mar 18, 2010 7:09:13 PM Ignore I10Express Report Abuse The speculators still have the price too high.
MidNJ Champion Author New Jersey Posts:4,623 Points:738,520 Joined:Sep 2009	Message Posted: Mar 18, 2010 7:02:42 PM Ignore MidNJ Report Abuse bbreff, They are lower. Gas cost me almost $5.00 a gallon when Bush/Cheney was voted out of office. To me it seems they are much lower now, or do you use a different type of math?
revON Champion Author Toronto Posts:1,257 Points:682,935 Joined:Dec 2007	Message Posted: Mar 18, 2010 6:59:34 PM Ignore revON Report Abuse get your bike ready.
bbreff Champion Author Atlanta Posts:7,637 Points:2,127,015 Joined:Jun 2005	Message Posted: Mar 18, 2010 6:56:13 PM Ignore bbreff Report Abuse $30.00 to high. Where are the promises from president Obama for lower gas prices?
LuckyD43 Champion Author Long Island Posts:18,726 Points:1,731,210 Joined:Apr 2005	Message Posted: Mar 18, 2010 6:52:22 PM Ignore LuckyD43 Report Abuse Let's hope oil prices KEEP sliding all the way down to $50.
myambro Champion Author Sacramento Posts:2,101 Points:660,015 Joined:Mar 2005	Message Posted: Mar 18, 2010 6:46:46 PM Ignore myambro Report Abuse let's hope all the predictions of Oil going to $90 are wrong.
CarrottopNe Champion Author Lincoln Posts:1,025 Points:368,415 Joined:Jan 2009	Message Posted: Mar 18, 2010 6:43:15 PM Ignore CarrottopNe Report Abuse Gas prices on the rise?
MidNJ Champion Author New Jersey Posts:4,623 Points:738,520 Joined:Sep 2009	Message Posted: Mar 18, 2010 6:40:28 PM Ignore MidNJ Report Abuse According to an article that appeared a few days ago, which said if oil hits $82 it will go to $90 because it breaks a mathematical barrier at $82. I hope it does not go to $90, but let's see if the earlier story has merit. And again, it is not supply and demand, but rather speculation that causes the yo yo effect of oil prices.