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Oil prices rise after year's biggest drop

Businessweek -- Crude oil rose 65 cents to close at $85.09 on the New York Mercantile Exchange. That followed a decline of 5 percent on Wednesday, when traders were spooked by worries about budget negotiations in the U.S. Analysts also say that oil supplies and production are high, which tends to drive down prices.

Oil analyst Jim Ritterbusch wrote in a note that he expects this week's price volatility to subside, but there's still a bias toward new lows. The U.S. has large inventories of oil and production is at 17-year highs, he wrote.

AAA said gasoline prices at the pump rose a fraction of a penny to $3.464 per gallon.

In other trading, Brent crude, which is used to price international varieties of oil, gained 51 cents to $107.33 per barrel in London.

Wholesale gasoline rose 1.84 cents to $


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Submitted Nov 09, 2012 By: MidNJ
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil prices rise after year's biggest drop Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Nov 13, 2012 5:47:28 AM

and here PD said, prices have nothing to do w/ elections, right?
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honda0105
Champion Author Tallahassee

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Message Posted: Nov 12, 2012 12:09:35 AM

isem: Another case of Bohica?
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jrs4125
Champion Author Indiana

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Message Posted: Nov 10, 2012 11:12:57 AM

Thank you for 3.46 a gallon gasoline.
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millerin
Champion Author Orlando

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Message Posted: Nov 10, 2012 8:14:51 AM

it was predictable.
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yardslave
Champion Author Oklahoma City

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Message Posted: Nov 10, 2012 7:27:39 AM

Wow
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benjy
Champion Author Chicago

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Message Posted: Nov 10, 2012 1:37:45 AM

again?
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bston
Champion Author Oklahoma City

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Message Posted: Nov 10, 2012 1:34:07 AM

Prices go up & down like a yoyo!
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Wanda127
Champion Author Florida

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Message Posted: Nov 9, 2012 11:15:58 PM

The stations around me were going down a few cents each day but in the last 2 days they changed & have gone back up about 5 cents a gal. since the election.
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PDQBlues
Champion Author San Diego

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Message Posted: Nov 9, 2012 9:03:53 PM

Gas prices around here have fallen further in the past 24 hours.
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sharpspur
Sophomore Author Jacksonville

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Message Posted: Nov 9, 2012 12:02:02 PM

Prices at the pump just went up today in my area. Just a hint of the price of oil increasing and the local fuel stations raise the price.
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Jeff4U
Champion Author Atlanta

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Message Posted: Nov 9, 2012 11:53:42 AM

Now at $85.60
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George0446
All-Star Author Massachusetts

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Message Posted: Nov 9, 2012 11:48:18 AM

Instability due to the election that drives the attitudes of the general population
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mfgendron
Champion Author New York

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Message Posted: Nov 9, 2012 11:45:53 AM

Big deal.
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doctorindyj
Champion Author Santa Fe

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Message Posted: Nov 9, 2012 10:39:45 AM

SSDD.
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el_fr
Champion Author Massachusetts

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Message Posted: Nov 9, 2012 9:57:19 AM

No surprise
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Nov 9, 2012 9:56:20 AM

I agree, LeeFree, 65 cents is hardly news. I think its the fact that the price went up at all, that the press was GRASPING at the rise in price to maybe start a speculation scare to keep the price going higher. This whole speculation scenario is just plain craziness!

Let's get back to the true supply and demand and we will see lower oil prices as well as gas prices!
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Lugi1967
Champion Author Ohio

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Message Posted: Nov 9, 2012 9:02:12 AM

Market is looney right now
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lcleveland
Champion Author San Antonio

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Message Posted: Nov 9, 2012 8:44:41 AM

still waiting for biggest drop
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KDMWI
Champion Author Wisconsin

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Message Posted: Nov 9, 2012 8:41:35 AM

When will the winter blend prices start?
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investmentdr
Champion Author Cleveland

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Message Posted: Nov 9, 2012 8:40:55 AM

-1% today
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Evilmaddog
Champion Author British Columbia

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Message Posted: Nov 9, 2012 7:59:14 AM

$$$$$$$$$$$
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WalRus49
Champion Author Boston

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Message Posted: Nov 9, 2012 7:45:48 AM

Bunk! They never went down...........................
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sabre75
Champion Author Florida

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Message Posted: Nov 9, 2012 7:43:48 AM

Prices going back up in Florida also.
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leeac
Champion Author Ohio

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Message Posted: Nov 9, 2012 7:33:45 AM

The trend (long term) is up due to inflation. Gas prices are way up in Ohio.
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OldMan322
Champion Author Illinois

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Message Posted: Nov 9, 2012 7:23:01 AM

"dave364" Do you think we can find them all
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bar1035
Champion Author Charlotte

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Message Posted: Nov 9, 2012 7:21:50 AM

And the stock market crashed again and even the local news was all of sudden concerned about a fiscal crisis - now that the election was over
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grandpadon28110
Champion Author Charlotte

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Message Posted: Nov 9, 2012 7:02:34 AM

WHAT DID YOU EXPECT?
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jcurley
Champion Author California

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Message Posted: Nov 9, 2012 7:01:20 AM

Or did a bunch of big players (speculators) just buy a bunch?
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prcoqui
Champion Author Maryland

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Message Posted: Nov 9, 2012 7:00:42 AM

Gas prices are still the same around here.
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swede
Champion Author Cleveland

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Message Posted: Nov 9, 2012 6:45:18 AM

That is because of the economic markets.
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Buickdriver7
Champion Author Ontario

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Message Posted: Nov 9, 2012 6:44:02 AM

So the budget crisis got 5% bigger on Wed., and 1% smaller on Thurs???
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sdchris
Champion Author San Diego

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Message Posted: Nov 9, 2012 6:42:53 AM

no surprise...
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rbrowdersr
Champion Author Detroit

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Message Posted: Nov 9, 2012 6:41:30 AM

The continuing saga of the oil industry.
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nemoFL
Champion Author Florida

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Message Posted: Nov 9, 2012 6:37:03 AM

ok
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LeeFree
Champion Author Pittsburgh

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Message Posted: Nov 9, 2012 6:36:54 AM

A 65 cent rise is hardly news. If it can drop below $80/bbl, that would be news.
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fordfan1
Champion Author Indiana

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Message Posted: Nov 9, 2012 6:36:20 AM

Enjoy the prices under $4.00 a gallon while they last!!!!! $5.00 a gallon will be the new norm at a gas pump near you very soon!!!!!
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GNo1
Champion Author Nashville

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Message Posted: Nov 9, 2012 6:32:37 AM

Obama gets re-elected and this happens? No, you don't say.
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biza4u
Champion Author New Haven

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Message Posted: Nov 9, 2012 6:31:43 AM

Thats new news!
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sappie
Champion Author Massachusetts

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Message Posted: Nov 9, 2012 6:31:32 AM

what else is new?
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joekool1
Champion Author Toledo

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Message Posted: Nov 9, 2012 6:30:55 AM

oh well
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dave364
Champion Author Lansing

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Message Posted: Nov 9, 2012 6:30:23 AM

hang all speculators
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cutter1330
Champion Author Oklahoma

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Message Posted: Nov 9, 2012 6:30:06 AM

Election is over, four more of paying what Europe pays!!!
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Badmoon
Champion Author Massachusetts

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Message Posted: Nov 9, 2012 6:29:41 AM

Just a dead cat bounce?
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cheapertvs
Champion Author Richmond

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Message Posted: Nov 9, 2012 6:29:03 AM

We need the price at the pump to drop back to reality soon.
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snarkysmarko
Champion Author Baltimore

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Message Posted: Nov 9, 2012 6:27:55 AM

Stupid hurricane!
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gobux10
Champion Author Ohio

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Message Posted: Nov 9, 2012 6:27:42 AM

Election is over
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HelenT
Champion Author Buffalo

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Message Posted: Nov 9, 2012 6:26:28 AM

We haven't come down at the pumps yet and it is already going up??
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GasPriceHelp4u
Champion Author Dayton

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Message Posted: Nov 9, 2012 6:25:36 AM

Yes they are!!! Unfortunate, but yes!!!
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germainesr
Champion Author Columbia

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Message Posted: Nov 9, 2012 6:25:11 AM

Ok
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rogerparry
Champion Author Florida

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Message Posted: Nov 9, 2012 6:25:05 AM

Keep conserving.
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